96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5057


 
Introduced 1/25/2010, by Rep. Kevin Joyce
 
SYNOPSIS AS INTRODUCED:
 		





 







110 ILCS 355/3000-10 new











     Amends the  University of Illinois Exercise of Functions and Duties Law
of the Civil Administrative Code of Illinois.  Creates an Investment Review Commission within the University, to be appointed by the President.  Directs the Commission to review the reliability of the investment rating sources and tools used by agencies of the State, including the Office of the State Treasurer, the Illinois State Board of Investment, and the State-funded retirement  systems.  Directs the Commission to identify any investment rating sources or tools that it finds to be unreliable for the purposes for which they are being used. Directs the Commission to  report its findings and recommendations at least annually to the Governor, the State Treasurer,  and the General Assembly.  Effective immediately.
  















LRB096 18200 EFG 33575 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 




  






HB5057

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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 University of Illinois Exercise of Functions 
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and Duties Law
of the Civil Administrative Code of Illinois is 
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amended  by adding Section 3000-10 as follows:
 
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    (110 ILCS 355/3000-10 new)
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    Sec. 3000-10. Investment Review Commission.
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    (a) There is hereby created within the University of 
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Illinois an Investment Review Commission.  The Commission shall 
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review the reliability of the investment rating sources and 
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tools used by agencies of the State, including without 
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limitation the Office of the State Treasurer, the Illinois 
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State Board of Investment, and the State-funded retirement  
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systems.  The Commission shall identify any investment rating 
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sources or tools that it finds to be unreliable for the 
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purposes for which they are being used, and may recommend 
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alternative investment rating sources and tools that it 
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believes to be more reliable.
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    The Commission shall  report its findings and 
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recommendations at least annually to the Governor, the State 
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Treasurer,  and the General Assembly. 
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    (b) The Commission shall consist of at least 3 members of 
 


 






HB5057
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the University faculty, plus as many other persons as the 
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President of the University may deem appropriate.  Members of 
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the Commission shall be appointed by the President and shall 
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serve at the pleasure of the President.  The University and the 
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members of the Commission may be reimbursed for their expenses 
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in connection with the Commission out of any funds available to 
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the University for that purpose. 
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    (c) All State agencies that are responsible for the 
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long-term investment of public funds, including without 
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limitation the Office of the State Treasurer, the Illinois 
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State Board of Investment, and the State-funded retirement  
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systems, shall cooperate with the Commission and provide any 
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information relating to their use of investment rating sources 
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and tools that the Commission may request.
 
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.