97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1262

 

Introduced 2/8/2011, by Sen. Christine Radogno

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 505/17  from Ch. 130, par. 17

    Amends the State Treasurer Act. Makes a technical change in a Section concerning the Public Treasurers' Investment Pool.


LRB097 05538 PJG 45599 b

 

 

A BILL FOR

 

SB1262LRB097 05538 PJG 45599 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Treasurer Act is amended by changing
5Section 17 as follows:
 
6    (15 ILCS 505/17)  (from Ch. 130, par. 17)
7    Sec. 17. The The State Treasurer may establish and
8administer a Public Treasurers' Investment Pool to supplement
9and enhance the investment opportunities otherwise available
10to other custodians of public funds for public agencies in this
11State.
12    The Treasurer, in administering the Public Treasurers'
13Investment Pool, may receive public funds paid into the pool by
14any other custodian of such funds and may serve as the fiscal
15agent of that custodian of public funds for the purpose of
16holding and investing those funds.
17    The Treasurer may invest the public funds constituting the
18Public Treasurers' Investment Pool in the same manner, in the
19same types of investments and subject to the same limitations
20provided for the investment of funds in the State Treasury. The
21Treasurer shall develop, publish, and implement an investment
22policy covering the management of funds in the Public
23Treasurers' Investment Pool. The policy shall be published at

 

 

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1least once each year in at least one newspaper of general
2circulation in both Springfield and Chicago, and each year as
3part of the audit of the Public Treasurers' Investment Pool by
4the Auditor General, which shall be distributed to all
5participants. The Treasurer shall notify all Public
6Treasurers' Investment Pool participants in writing, and the
7Treasurer shall publish in at least one newspaper of general
8circulation in both Springfield and Chicago any changes to a
9previously published investment policy at least 30 calendar
10days before implementing the policy. Any such investment policy
11adopted by the Treasurer shall be reviewed, and updated if
12necessary, within 90 days following the installation of a new
13Treasurer.
14    The Treasurer shall promulgate such rules and regulations
15as he deems necessary for the efficient administration of the
16Public Treasurers' Investment Pool, including specification of
17minimum amounts which may be deposited in the Pool and minimum
18periods of time for which deposits shall be retained in the
19Pool. The rules shall provide for the administration expenses
20of the Pool to be paid from its earnings and for the interest
21earnings in excess of such expenses to be credited or paid
22monthly to the several custodians of public funds participating
23in the Pool in a manner which equitably reflects the differing
24amounts of their respective investments in the Pool and the
25differing periods of time for which such amounts were in the
26custody of the Pool.

 

 

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1    Upon creating a Public Treasurers' Investment Pool the
2State Treasurer shall give bond with 2 or more sufficient
3sureties, payable to custodians of public funds who participate
4in the Pool for the benefit of the public agencies whose funds
5are paid into the Pool for investment, in the penal sum of
6$150,000, conditioned for the faithful discharge of his duties
7in relation to the Public Treasurers' Investment Pool.
8    "Public funds" and "public agency", as used in this Section
9have the meanings ascribed to them in Section 1 of "An Act
10relating to certain investments of public funds by public
11agencies", approved July 23, 1943, as amended.
12    This amendatory Act of 1975 is not a limit on any home rule
13unit.
14(Source: P.A. 89-350, eff. 8-17-95.)