Illinois General Assembly - Full Text of Public Act 096-1181

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Public Act 096-1181

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Public Act 1181 96TH GENERAL ASSEMBLY

Public Act 096-1181

HB4871 Enrolled LRB096 16124 RCE 31373 b

    AN ACT concerning State government.

    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:

    Section 5. The Deposit of State Moneys Act is amended by
adding Section 22.9 as follows:

    (15 ILCS 520/22.9 new)
    Sec. 22.9. Dissolution of Illinois Insured Mortgage Pilot
Program Trust.
    (a) The State Treasurer is hereby authorized to transfer
any portion of the balance remaining in the Illinois Insured
Mortgage Pilot Program Trust back to the State's general
investment pool; however, no later than 90 days after the
effective date of this amendatory Act of the 96th General
Assembly, he or she shall transfer back to the State treasury
an amount exceeding $15,000,000. These funds shall be used to
reconcile the State's general investment pool investment
account for the Illinois Insured Mortgage Pilot Program, and
any funds transferred in excess of the investment account
balance shall be treated as interest income and allocated
across State funds according to existing State law governing
interest income, including allocating interest income to the
General Revenue Fund.
    (b) The State Treasurer may retain a balance in the
Illinois Insured Mortgage Pilot Program Trust sufficient to
make the following payments:
        (1) any costs incurred in connection with the
    operations of the Illinois Insured Mortgage Pilot Program;
        (2) legal or other professional services fees incurred
    because of the operations of the Illinois Insured Mortgage
    Pilot Program; or
        (3) any costs associated with the winding down of the
    Illinois Insured Mortgage Pilot Program Trust. The amount
    retained as a balance in the Illinois Insured Mortgage
    Pilot Program Trust shall be determined solely by the
    Treasurer.
    (c) When the State Treasurer determines that the business
of the Illinois Insured Mortgage Pilot Program Trust has
concluded, the State Treasurer shall take the necessary steps
to dissolve the Trust and to cause the transfer of the
remaining balance of the Trust to the State's general
investment pool, to be applied as set forth in this Section.
    (d) This Section is repealed on December 31, 2011.

    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/22/2010

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