Public Act 096-1181
 
HB4871 EnrolledLRB096 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    (d)   This Section is repealed on December 31, 2011.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.