Public Act 097-0274
 
HB3377 EnrolledLRB097 10467 PJG 50711 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Charitable Trust Stabilization Act is
amended by changing Sections 5 and 10 as follows:
 
    (30 ILCS 790/5)
    Sec. 5. The Charitable Trust Stabilization Fund.
    (a) The Charitable Trust Stabilization Fund is created as a
special fund in the State treasury. From appropriations from
the Fund, upon recommendation from the Charitable Trust
Stabilization Committee, the State Treasurer may shall make
grants to public and private entities in the State for the
purposes set forth under subsection (b). Special attention
shall be given to public and private entities with operating
budgets of less than $1,000,000 that are located within a
depressed area, as defined under Section 3 of the Illinois
Enterprise Zone Act, and preferences for recommending grants to
the State Treasurer may be given to these entities by the
Committee. Moneys received for the purposes of this Section,
including, without limitation, fees collected under subsection
(m) of Section 115.10 of the General Not For Profit Corporation
Act of 1986 and appropriations, gifts, grants, and awards from
any public or private entity, must be deposited into the Fund.
Any interest earnings that are attributable to moneys in the
Fund must be deposited into the Fund.
    (b) Moneys in the Fund may be used only for the following
purposes:
        (1) (blank) short-term, low-interest loans to
    participating organizations that experience temporary
    cash-flow shortages;
        (2) (blank) business loans to participating
    organizations for the purpose of expanding their capacity
    or operations;
        (3) grants for the start-up or operational purposes of
    participating organizations; and
        (4) the administration of the Fund and this Act.
    (c) Moneys in the Fund must be allocated as follows:
        (1) 20% of the amount deposited into the Fund in the
    fiscal year must be set aside for the operating budget of
    the Fund and Committee for the next fiscal year, but the
    operating budget of the Fund and Committee may not exceed
    $4,000,000 in any fiscal year;
        (2) 50% must be available for the purposes set forth
    under subsection (b); and
        (3) 30% must be invested for the purpose of earning
    interest or other investment income.
    (d) As soon as practical after the effective date of this
Act, the State Treasurer must transfer the amount of $1,000,000
from the General Revenue Fund to the Charitable Trust
Stabilization Fund. On the June 30 that occurs in the third
year after the transfer to the Charitable Trust Stabilization
Fund, the Treasurer must transfer the amount of $1,000,000 from
the Charitable Trust Stabilization Fund to the General Revenue
Fund. If, on that date, less than $1,000,000 is available for
transfer, then the Treasurer must transfer the remaining
balance of the Charitable Trust Stabilization Fund to the
General Revenue Fund, and on each June 30 thereafter must
transfer any balance in the Charitable Trust Stabilization Fund
to the General Revenue Fund until the aggregate amount of
$1,000,000 has been transferred.
(Source: P.A. 95-655, eff. 6-1-08.)
 
    (30 ILCS 790/10)
    Sec. 10. The Charitable Trust Stabilization Committee.
    (a) The Charitable Trust Stabilization Committee is
created. The Committee consists of the following members:
        (1) the Attorney General or his or her designee, who
    shall serve as co-chair of the Committee;
        (2) a member that represents the Office of the State
    Treasurer that is appointed by the Treasurer or his or her
    designee, who shall serve as co-chair of the Committee;
        (3) the Lieutenant Governor or his or her designee;
        (4) the Director of Commerce and Economic Opportunity
    or his or her designee;
        (5) the chief executive officer of the Division of
    Financial Institutions in the Department of Financial and
    Professional Regulations or his or her designee; and
        (6) six private citizens, who shall serve a term of 6
    years, appointed by the State Treasurer with advice and
    consent of the Senate.
    (b) The State Treasurer Committee shall adopt rules,
including procedures and criteria for grant awards. The
Committee ; it must meet at least once each calendar quarter, ;
and it may establish committees and officers as it deems
necessary. For purposes of Committee meetings, a quorum is a
majority of the members. Meetings of the Committee are subject
to the Open Meetings Act. The Committee must afford an
opportunity for public comment at each of its meetings.
    (c) Committee members shall serve without compensation,
but may be reimbursed for their reasonable travel expenses from
funds available for that purpose. The Office of the State
Treasurer Department of Commerce and Economic Opportunity
shall, subject to appropriation, provide staff and
administrative support services to the Committee.
    (d) The State Treasurer Committee shall administer the
Charitable Trust Stabilization Fund. The Committee may employ
the services of a director. The director must have extensive
experience in building and funding not-for-profit ventures.
The director must:
        (1) develop and implement an annual work plan based on
    the goals set forth by the Committee;
        (2) attend the Committee meetings and provide reports
    of the progress on the annual work plan;
        (3) develop and maintain a database of all
    organizations that have elected to participate under this
    Act; and
        (4) publicize the Charitable Trust Stabilization Fund
    to eligible organizations.
    The State Treasurer may transfer all or a portion of the
balance of the fund to a third-party administrator to fulfill
the mission of the Committee and the purposes of the fund in
accordance with this Act and in compliance with Section 5(c) of
this Act.
(Source: P.A. 95-655, eff. 6-1-08.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/8/2011