94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2761


 
Introduced 1/20/2006, by Sen. Adeline Jay Geo-Karis
 
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 18671 RCE 54031 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB2761

LRB094 18671 RCE 54031 b






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    AN ACT concerning State government.

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


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



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



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

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custodians
of public funds for public agencies
in this State.

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

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

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

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

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

 


 






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

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

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

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

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

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

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

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

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

 

 


 






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