99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4422
 
Introduced , by Rep. Dwight Kay
 
SYNOPSIS AS INTRODUCED:
 


110 ILCS 305/90 new
110 ILCS 520/75 new
110 ILCS 660/5-185 new
110 ILCS 665/10-185 new
110 ILCS 670/15-185 new
110 ILCS 675/20-190 new
110 ILCS 680/25-185 new
110 ILCS 685/30-195 new
110 ILCS 690/35-190 new
110 ILCS 805/3-29.11 new
    Amends various Acts relating to the governance of public universities and community colleges in Illinois. For any State grant requested after the effective date of the amendatory Act, requires a public university or community college district to provide to the State agency awarding the grant a list of all university or district funds from this State that are invested, excluding endowment funds; the financial status of these investment funds; where the investment funds are held; the amount in fees charged by those holding the investment funds; and who audits the investment funds. Effective immediately.



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FISCAL NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
 
 
A BILL FOR
 


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1    AN ACT concerning education.

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


 
4    Section 5. The University of Illinois Act is amended  by 
5adding Section 90 as follows:
 
6    (110 ILCS 305/90  new)
7    Sec. 90. Reporting of investment information. For any State 
8grant requested after the effective date of this amendatory Act 
9of the 99th General Assembly, the University shall provide to 
10the State agency awarding the grant a list of all University 
11funds from this State that are invested, excluding endowment 
12funds; the financial status of these investment funds; where 
13the investment funds are held; the amount in fees charged by 
14those holding the investment funds; and who audits the 
15investment funds.
 
16    Section 10. The Southern Illinois University Management 
17Act is amended  by adding Section 75 as follows:
 
18    (110 ILCS 520/75  new)
19    Sec. 75. Reporting of investment information. For any State 
20grant requested after the effective date of this amendatory Act 
21of the 99th General Assembly, the University shall provide to 
 
 
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1the State agency awarding the grant a list of all University 
2funds from this State that are invested, excluding endowment 
3funds; the financial status of these investment funds; where 
4the investment funds are held; the amount in fees charged by 
5those holding the investment funds; and who audits the 
6investment funds.
 
7    Section 15. The Chicago State University Law is amended  by 
8adding Section 5-185 as follows:
 
9    (110 ILCS 660/5-185  new)
10    Sec. 5-185. Reporting of investment information. For any 
11State grant requested after the effective date of this 
12amendatory Act of the 99th General Assembly, the University 
13shall provide to the State agency awarding the grant a list of 
14all University funds from this State that are invested, 
15excluding endowment funds; the financial status of these 
16investment funds; where the investment funds are held; the 
17amount in fees charged by those holding the investment funds; 
18and who audits the investment funds.
 
19    Section 20. The Eastern Illinois University Law is amended  
20by adding Section 10-185 as follows:
 
21    (110 ILCS 665/10-185  new)
22    Sec. 10-185. Reporting of investment information. For any 
 
 
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1State grant requested after the effective date of this 
2amendatory Act of the 99th General Assembly, the University 
3shall provide to the State agency awarding the grant a list of 
4all University funds from this State that are invested, 
5excluding endowment funds; the financial status of these 
6investment funds; where the investment funds are held; the 
7amount in fees charged by those holding the investment funds; 
8and who audits the investment funds.
 
9    Section 25. The Governors State University Law is amended  
10by adding Section 15-185 as follows:
 
11    (110 ILCS 670/15-185  new)
12    Sec. 15-185. Reporting of investment information. For any 
13State grant requested after the effective date of this 
14amendatory Act of the 99th General Assembly, the University 
15shall provide to the State agency awarding the grant a list of 
16all University funds from this State that are invested, 
17excluding endowment funds; the financial status of these 
18investment funds; where the investment funds are held; the 
19amount in fees charged by those holding the investment funds; 
20and who audits the investment funds.
 
21    Section 30. The Illinois State University Law is amended  by 
22adding Section 20-190 as follows:
 
 
 
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1    (110 ILCS 675/20-190  new)
2    Sec. 20-190. Reporting of investment information. For any 
3State grant requested after the effective date of this 
4amendatory Act of the 99th General Assembly, the University 
5shall provide to the State agency awarding the grant a list of 
6all University funds from this State that are invested, 
7excluding endowment funds; the financial status of these 
8investment funds; where the investment funds are held; the 
9amount in fees charged by those holding the investment funds; 
10and who audits the investment funds.
 
11    Section 35. The Northeastern Illinois University Law is 
12amended  by adding Section 25-185 as follows:
 
13    (110 ILCS 680/25-185  new)
14    Sec. 25-185. Reporting of investment information. For any 
15State grant requested after the effective date of this 
16amendatory Act of the 99th General Assembly, the University 
17shall provide to the State agency awarding the grant a list of 
18all University funds from this State that are invested, 
19excluding endowment funds; the financial status of these 
20investment funds; where the investment funds are held; the 
21amount in fees charged by those holding the investment funds; 
22and who audits the investment funds.
 
23    Section 40. The Northern Illinois University Law is amended  
 
 
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1by adding Section 30-195 as follows:
 
2    (110 ILCS 685/30-195  new)
3    Sec. 30-195. Reporting of investment information. For any 
4State grant requested after the effective date of this 
5amendatory Act of the 99th General Assembly, the University 
6shall provide to the State agency awarding the grant a list of 
7all University funds from this State that are invested, 
8excluding endowment funds; the financial status of these 
9investment funds; where the investment funds are held; the 
10amount in fees charged by those holding the investment funds; 
11and who audits the investment funds.
 
12    Section 45. The Western Illinois University Law is amended  
13by adding Section 35-190 as follows:
 
14    (110 ILCS 690/35-190  new)
15    Sec. 35-190. Reporting of investment information. For any 
16State grant requested after the effective date of this 
17amendatory Act of the 99th General Assembly, the University 
18shall provide to the State agency awarding the grant a list of 
19all University funds from this State that are invested, 
20excluding endowment funds; the financial status of these 
21investment funds; where the investment funds are held; the 
22amount in fees charged by those holding the investment funds; 
23and who audits the investment funds.
 
 
 
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1    Section 50. The Public Community College Act is amended  by 
2adding Section 3-29.11 as follows:

 
3    (110 ILCS 805/3-29.11 new)

4    Sec. 3-29.11. Reporting of investment information. For any 
5State grant requested after the effective date of this 
6amendatory Act of the 99th General Assembly, a community 
7college district shall provide to the State agency awarding the 
8grant a list of all district funds from this State that are 
9invested, excluding endowment funds; the financial status of 
10these investment funds; where the investment funds are held; 
11the amount in fees charged by those holding the investment 
12funds; and who audits the investment funds.

 
13    Section 99. Effective date. This Act takes effect upon 
14becoming law.