Rep. Raymond Poe
Filed: 3/18/2010
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1 | AMENDMENT TO HOUSE BILL 4871
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2 | AMENDMENT NO. ______. Amend House Bill 4871, AS AMENDED, by | ||||||
3 | replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Deposit of State Moneys Act is amended by | ||||||
6 | adding Section 22.9 as follows: | ||||||
7 | (15 ILCS 520/22.9 new) | ||||||
8 | Sec. 22.9. Dissolution of Illinois Insured Mortgage Pilot | ||||||
9 | Program Trust. | ||||||
10 | (a) The State Treasurer is hereby authorized to transfer | ||||||
11 | any portion of the balance remaining in the Illinois Insured | ||||||
12 | Mortgage Pilot Program Trust back to the State's general | ||||||
13 | investment pool; however, no later than 90 days after the | ||||||
14 | effective date of this amendatory Act of the 96th General | ||||||
15 | Assembly, he or she shall transfer back to the State treasury | ||||||
16 | an amount exceeding $15,000,000. These funds shall be used to |
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1 | reconcile the State's general investment pool investment | ||||||
2 | account for the Illinois Insured Mortgage Pilot Program, and | ||||||
3 | any funds transferred in excess of the investment account | ||||||
4 | balance shall be treated as interest income and allocated | ||||||
5 | across State funds according to existing State law governing | ||||||
6 | interest income, including allocating interest income to the | ||||||
7 | General Revenue Fund. | ||||||
8 | (b) The State Treasurer may retain a balance in the | ||||||
9 | Illinois Insured Mortgage Pilot Program Trust sufficient to | ||||||
10 | make the following payments: | ||||||
11 | (1) any costs incurred in connection with the | ||||||
12 | operations of the Illinois Insured Mortgage Pilot Program; | ||||||
13 | (2) legal or other professional services fees incurred | ||||||
14 | because of the operations of the Illinois Insured Mortgage | ||||||
15 | Pilot Program; or | ||||||
16 | (3) any costs associated with the winding down of the | ||||||
17 | Illinois Insured Mortgage Pilot Program Trust.
The amount | ||||||
18 | retained as a balance in the Illinois Insured Mortgage | ||||||
19 | Pilot Program Trust shall be determined solely by the | ||||||
20 | Treasurer. | ||||||
21 | (c) When the State Treasurer determines that the business | ||||||
22 | of the Illinois Insured Mortgage Pilot Program Trust has | ||||||
23 | concluded, the State Treasurer shall take the necessary steps | ||||||
24 | to dissolve the Trust and to cause the transfer of the | ||||||
25 | remaining balance of the Trust to the State's general | ||||||
26 | investment pool, to be applied as set forth in this Section. |
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1 | (d) This Section is repealed on December 31, 2011.
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2 | Section 99. Effective date. This Act takes effect upon | ||||||
3 | becoming law.".
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