Illinois General Assembly - Full Text of Public Act 100-0969
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Public Act 100-0969


Public Act 0969 100TH GENERAL ASSEMBLY


Public Act 100-0969
SB2363 EnrolledLRB100 17931 RJF 33115 b

    AN ACT concerning government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The State Treasurer Act is amended by changing
Section 17 and by adding Section 30 as follows:
    (15 ILCS 505/17)  (from Ch. 130, par. 17)
    Sec. 17. The State Treasurer may establish and administer
both a Public Treasurers' Investment Pool and an E-Pay program
to supplement and enhance both the investment opportunities and
the secure electronic payment options otherwise available to
other custodians of public funds for public agencies in this
    The Treasurer, in administering the Public Treasurers'
Investment Pool, may receive public funds paid into the pool by
any other custodian of such funds and may serve as the fiscal
agent of that custodian of public funds for the purpose of
holding and investing those funds.
    The Treasurer may invest the public funds constituting the
Public Treasurers' Investment Pool in the same manner, in the
same types of investments and subject to the same limitations
provided for the investment of funds in the State Treasury. The
Treasurer shall develop, publish, and implement an investment
policy covering the management of funds in the Public
Treasurers' Investment Pool. The policy shall be published each
year as part of the audit of the Public Treasurers' Investment
Pool by the Auditor General, which shall be distributed to all
participants. The Treasurer shall notify all Public
Treasurers' Investment Pool participants in writing, and the
Treasurer shall publish in at least one newspaper of general
circulation in both Springfield and Chicago any changes to a
previously published investment policy at least 30 calendar
days before implementing the policy. Any such investment policy
adopted by the Treasurer shall be reviewed, and updated if
necessary, within 90 days following the installation of a new
    The Treasurer shall promulgate such rules and regulations
as he deems necessary for the efficient administration of the
Public Treasurers' Investment Pool and the E-Pay program,
including specification of minimum amounts which may be
deposited in the Pool and minimum periods of time for which
deposits shall be retained in the Pool. The rules shall provide
for the administration expenses of the Pool to be paid from its
earnings and for the interest earnings in excess of such
expenses to be credited or paid monthly to the several
custodians of public funds participating in the Pool in a
manner which equitably reflects the differing amounts of their
respective investments in the Pool and the differing periods of
time for which such amounts were in the custody of the Pool.
    Upon creating a Public Treasurers' Investment Pool the
State Treasurer shall give bond with 2 or more sufficient
sureties, payable to custodians of public funds who participate
in the Pool for the benefit of the public agencies whose funds
are paid into the Pool for investment, in the penal sum of
$150,000, conditioned for the faithful discharge of his duties
in relation to the Public Treasurers' Investment Pool.
    "Public agency", as used in this Section, means the State
of Illinois or any political subdivision, or any agency, board,
or department thereof, any special district, any municipality,
or any unit of local government.
    "Public funds", as used in this Section, means current
operating funds, special funds, and funds of any kind or
character belonging to or in the custody of any public agency.
    "Public funds" and "public agency", as used in this Section
have the meanings ascribed to them in Section 1 of "An Act
relating to certain investments of public funds by public
agencies", approved July 23, 1943, as amended.
    This amendatory Act of 1975 is not a limit on any home rule
    After the effective date of this amendatory Act of the 99th
General Assembly, participation in the Public Treasurers'
Investment Pool shall not be a prerequisite for participation
in the Treasurer's E-Pay program.
(Source: P.A. 99-856, eff. 8-19-16.)
    (15 ILCS 505/30 new)
    Sec. 30. Preferences for veterans, minorities, women, and
persons with disabilities.
    (a) As used in this Section:
        (1) the terms "minority person", "woman", "person with
    a disability", "minority-owned business", "women-owned
    business", "business owned by a person with a disability",
    and "control" have the meanings provided in Section 1 of
    the Business Enterprise for Minorities, Women, and Persons
    with Disabilities Act; and
        (2) the terms "veteran", "qualified veteran-owned
    small business", "qualified service-disabled veteran-owned
    small business", "qualified service-disabled veteran", and
    "armed forces of the United States" have the meanings
    provided in Article 1 of the Illinois Procurement Code.
    (b) It is hereby declared to be the policy of the State
Treasurer to promote and encourage the use of businesses owned
by or under the control of qualified veterans of the armed
forces of the United States, qualified service-disabled
veterans, minority persons, women, or persons with a disability
in the area of goods and services. Furthermore, the State
Treasurer shall utilize such businesses to the greatest extent
feasible within the bounds of financial and fiduciary prudence,
and take affirmative steps to remove any barriers to the full
participation of such firms in the procurement and contracting
opportunities afforded.
    (c) It shall be an aspirational goal of the State Treasurer
to use businesses owned by or under the control of qualified
veterans of the armed forces of the United States, qualified
service-disabled veterans, minority persons, women, or persons
with a disability for not less than 25% of the total dollar
amount of funds under management, purchases of investment
securities, and other contracts, including, but not limited to,
the use of broker-dealers. The State Treasurer is authorized to
establish additional aspirational goals.
    (d) When the State Treasurer procures goods and services,
whether through a request for proposal or otherwise, he or she
is authorized to incorporate preferences in the scoring process
for: (1) a minority-owned business, a women-owned business, a
business owned by a person with a disability, a qualified
veteran-owned small business, or a qualified service-disabled
veteran-owned small business; and (2) businesses having a
record of support for increasing diversity and inclusion in
board membership, management, employment, philanthropy, and
supplier diversity, including investment professionals and
investment sourcing.
    When the State Treasurer utilizes a financial institution
or determines the eligibility of a financial institution to
participate in a banking contract, investment contract,
investment activity, or other financial program of the State
Treasurer, he or she shall review the financial institution's
Community Reinvestment Act rating, record, and current level of
financial commitment to the community prior to making a
decision to utilize or determine the eligibility of such
financial institution.
    (e) Beginning with fiscal year 2019, and at least annually
thereafter, the State Treasurer shall report on his or her
utilization of minority-owned businesses, women-owned
businesses, businesses owned by a person with a disability,
qualified veteran-owned small businesses, or qualified
service-disabled veteran-owned small businesses. The report
shall be published on the State Treasurer's official website.
    (f) The provisions of this Section take precedence over any
goals established under the Business Enterprise for
Minorities, Women, and Persons with Disabilities Act.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/19/2018