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Rep. Raymond Poe
Filed: 3/18/2010
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09600HB4871ham002 |
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LRB096 16124 SSS 39313 a |
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| AMENDMENT TO HOUSE BILL 4871
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| AMENDMENT NO. ______. Amend House Bill 4871, AS AMENDED, by |
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| replacing everything after the enacting clause with the |
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| following:
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| "Section 5. The Deposit of State Moneys Act is amended by |
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| adding Section 22.9 as follows:
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| (15 ILCS 520/22.9 new) |
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| Sec. 22.9. Dissolution of Illinois Insured Mortgage Pilot |
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| Program Trust. |
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| (a) The State Treasurer is hereby authorized to transfer |
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| any portion of the balance remaining in the Illinois Insured |
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| Mortgage Pilot Program Trust back to the State's general |
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| investment pool; however, no later than 90 days after the |
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| effective date of this amendatory Act of the 96th General |
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| Assembly, he or she shall transfer back to the State treasury |
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| an amount exceeding $15,000,000. These funds shall be used to |
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09600HB4871ham002 |
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LRB096 16124 SSS 39313 a |
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| reconcile the State's general investment pool investment |
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| account for the Illinois Insured Mortgage Pilot Program, and |
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| any funds transferred in excess of the investment account |
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| balance shall be treated as interest income and allocated |
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| across State funds according to existing State law governing |
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| interest income, including allocating interest income to the |
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| General Revenue Fund. |
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| (b) The State Treasurer may retain a balance in the |
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| Illinois Insured Mortgage Pilot Program Trust sufficient to |
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| make the following payments: |
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| (1) any costs incurred in connection with the |
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| operations of the Illinois Insured Mortgage Pilot Program; |
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| (2) legal or other professional services fees incurred |
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| because of the operations of the Illinois Insured Mortgage |
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| Pilot Program; or |
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| (3) any costs associated with the winding down of the |
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| Illinois Insured Mortgage Pilot Program Trust.
The amount |
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| retained as a balance in the Illinois Insured Mortgage |
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| Pilot Program Trust shall be determined solely by the |
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| Treasurer. |
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| (c) When the State Treasurer determines that the business |
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| of the Illinois Insured Mortgage Pilot Program Trust has |
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| concluded, the State Treasurer shall take the necessary steps |
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| to dissolve the Trust and to cause the transfer of the |
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| remaining balance of the Trust to the State's general |
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| investment pool, to be applied as set forth in this Section. |