98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4799

 

Introduced , by Rep. Jim Durkin

 

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.


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A BILL FOR

 

HB4799LRB098 14156 JWD 48746 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. Public Treasurers' Investment Pool. The State
8Treasurer may establish and administer a Public Treasurers'
9Investment Pool to supplement and enhance the the investment
10opportunities otherwise available to other custodians of
11public funds for public agencies in this State.
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 each

 

 

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

 

 

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1sureties, payable to custodians of public funds who participate
2in the Pool for the benefit of the public agencies whose funds
3are paid into the Pool for investment, in the penal sum of
4$150,000, conditioned for the faithful discharge of his duties
5in relation to the Public Treasurers' Investment Pool.
6    "Public funds" and "public agency", as used in this Section
7have the meanings ascribed to them in Section 1 of "An Act
8relating to certain investments of public funds by public
9agencies", approved July 23, 1943, as amended.
10    This amendatory Act of 1975 is not a limit on any home rule
11unit.
12(Source: P.A. 97-537, eff. 8-23-11.)