94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5254


 
Introduced 01/24/06, by Rep. Lovana Jones
 
SYNOPSIS AS INTRODUCED:
 		














15 ILCS 505/17
  from Ch. 130, par. 17







    Amends the State Treasurer Act concerning the Public Treasurers' Investment Pool.  Provides that a "public agency" for purposes of the Pool includes (i) any not-for-profit corporation exempt under the Internal Revenue Code that is created by a public agency for the private fundraising activities of that agency and (ii) associations of public agencies. Effective immediately.
















LRB094 18670 RCE 54030 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5254

LRB094 18670 RCE 54030 b






1
    AN ACT concerning State government.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The State Treasurer Act is amended  by changing 
5
Section 17 as follows:
 



6
    (15 ILCS 505/17)  (from Ch. 130, par. 17)



7
    Sec. 17. The State Treasurer may establish and administer a 
8
Public
Treasurers'
Investment Pool to supplement
and enhance 
9
the investment opportunities otherwise available to other

10
custodians
of public funds for public agencies
in this State.

11
    The Treasurer, in administering the Public Treasurers' 
12
Investment Pool,
may receive public
funds paid into the pool by 
13
any other custodian of such funds and may serve
as the fiscal 
14
agent of
that custodian of public funds for the purpose of 
15
holding and investing those
funds.

16
    The Treasurer may invest the public funds constituting the 
17
Public Treasurers'
Investment
Pool in the same manner, in the 
18
same types of investments and subject to
the same limitations

19
provided for the investment of funds in the State Treasury.  The 
20
Treasurer
shall develop, publish, and implement an investment 
21
policy covering the
management of funds in the Public 
22
Treasurers' Investment Pool.  The policy
shall be published at 
23
least once each year in at least one newspaper of general

24
circulation in both Springfield and Chicago, and each year as 
25
part of the audit
of the Public Treasurers' Investment Pool by 
26
the Auditor General, which shall
be distributed to all 
27
participants.  The Treasurer shall notify all Public

28
Treasurers' Investment Pool participants in writing, and the 
29
Treasurer shall
publish in at least one newspaper of general 
30
circulation in both Springfield
and Chicago any changes to a 
31
previously published investment policy at least 30
calendar 
32
days before implementing the policy.  Any such investment policy

 


 






HB5254
- 2 -
LRB094 18670 RCE 54030 b




1
adopted by the Treasurer shall be reviewed, and updated if 
2
necessary, within 90
days following the installation of a new 
3
Treasurer.

4
    The Treasurer shall promulgate such rules and regulations 
5
as he deems
necessary
for the efficient
administration of the 
6
Public Treasurers' Investment Pool, including
specification
of 
7
minimum amounts
which may be deposited in the Pool and minimum 
8
periods of time for which
deposits
shall be retained in the 
9
Pool.  The rules shall provide for the administration
expenses 
10
of the Pool to be
paid from its earnings and for the interest 
11
earnings in excess of such expenses
to be credited or
paid 
12
monthly to the several custodians of public funds participating 
13
in
the Pool in a manner which equitably
reflects the differing 
14
amounts of their respective investments in the Pool and
the

15
differing periods of time for which such amounts were in the 
16
custody of the
Pool.

17
    Upon creating a Public Treasurers' Investment Pool the 
18
State Treasurer shall
give bond with 2 or more sufficient 
19
sureties, payable to custodians of public
funds who participate

20
in the Pool for the benefit of the public agencies whose funds 
21
are paid
into the Pool for investment,
in the penal sum of 
22
$150,000, conditioned for the faithful discharge of
his duties 
23
in relation to the
Public Treasurers' Investment Pool.

24
    "Public funds" and "public agency", as used in this Section 
25
have the meanings ascribed
to them in Section 1 of the Public 
26
Funds Investment Act. For the purposes of this Section only, 
27
the term "public agency" also includes (i) any not-for-profit 
28
organization exempt from federal income taxation under Section 
29
501 (c)(3) of the Internal Revenue Code of 1986 that is created 
30
by a public agency for the private fundraising activities of 
31
that agency and (ii) associations of public agencies
"An Act 
32
relating to certain investments of public
funds by public

33
agencies", approved July 23, 1943, as amended.

34
    This amendatory Act of 1975 is not a limit on any home rule 
35
unit.

36
(Source: P.A. 89-350, eff. 8-17-95.)

 

 


 






HB5254
- 3 -
LRB094 18670 RCE 54030 b




1
    Section 99. Effective date. This Act takes effect upon 
2
becoming law.