Rep. Elaine Nekritz
Filed: 5/18/2016
 
 

 

 

 
09900SB2820ham001LRB099 19813 RPS 48809 a



1
AMENDMENT TO SENATE BILL 2820 




2    AMENDMENT NO. ______. Amend Senate Bill 2820 by replacing 
3everything after the enacting clause with the following:


 
 
4    "Section 5. The Illinois Pension Code is amended  by 
5changing Section 6-179 and  by adding Sections 6-183.1 and 
66-191.1 as follows:
 



7    (40 ILCS 5/6-179)  (from Ch. 108 1/2, par. 6-179)



8    Sec. 6-179. Board's powers and duties. The board shall have 
9the powers and duties stated in Section 6-180 to 6-191.1
6-191, 
10inclusive, in addition to the other powers and duties provided 
11in
this Article.

12(Source: Laws 1963, p. 161.)

 
13    (40 ILCS 5/6-183.1 new)
14    Sec. 6-183.1. To lend securities. The board may lend 
15securities owned by the Fund to a borrower upon such terms and 
 
 
09900SB2820ham001- 2 -LRB099 19813 RPS 48809 a

1conditions as may be mutually agreed in writing. Such agreement 
2shall provide that during the period of such loan the Fund 
3shall retain the right to receive, or collect from the 
4borrower, all dividends, interest rights, or any distributions 
5to which the Fund would have otherwise been entitled. The 
6borrower shall deposit with the Fund, as collateral for such 
7loan, cash equal to the market value of the securities at the 
8time the loan is made and shall increase the amount of 
9collateral if and when the Fund requests an additional amount 
10because of subsequent increased market value of the securities.
11    The period for which the securities may be loaned shall not 
12exceed one year, and the loan agreement may specify earlier 
13termination by either party upon mutually agreed conditions.
 
14    (40 ILCS 5/6-191.1 new)
15    Sec. 6-191.1. To reproduce records. To have any records 
16kept by the board photographed, microfilmed, or digitally or 
17electronically reproduced in accordance with the Local Records 
18Act. The photographs, microfilm, and digital and electronic 
19reproductions shall be deemed original records and documents 
20for all purposes, including introduction in evidence before all 
21courts and administrative agencies.
 
 
22    Section 99. Effective date. This Act takes effect upon 
23becoming law.".