| |||||||
| |||||||
| |||||||
1 | AN ACT concerning finance.
| ||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||
3 | represented in the General Assembly:
| ||||||
4 | Section 5. The Charitable Trust Stabilization Act is | ||||||
5 | amended by changing Section 5 as follows: | ||||||
6 | (30 ILCS 790/5)
| ||||||
7 | Sec. 5. The Charitable Trust Stabilization Fund. | ||||||
8 | (a) The Charitable Trust Stabilization Fund is created as | ||||||
9 | a special fund in the State treasury. From appropriations from | ||||||
10 | the Fund, upon recommendation from the Charitable Trust | ||||||
11 | Stabilization Committee, the State Treasurer may make grants | ||||||
12 | to public and private entities in the State for the purposes | ||||||
13 | set forth under subsection (b). Special attention shall be | ||||||
14 | given to public and private entities with operating budgets of | ||||||
15 | less than $1,000,000 that are located within a depressed area, | ||||||
16 | as defined under Section 3 of the Illinois Enterprise Zone | ||||||
17 | Act, and preferences for recommending grants to the State | ||||||
18 | Treasurer may be given to these entities by the Committee. | ||||||
19 | Moneys received for the purposes of this Section, including, | ||||||
20 | without limitation, fees collected under subsection (m) of | ||||||
21 | Section 115.10 of the General Not For Profit Corporation Act | ||||||
22 | of 1986 and appropriations, gifts, grants, and awards from any | ||||||
23 | public or private entity, must be deposited into the Fund. Any |
| |||||||
| |||||||
1 | interest earnings that are attributable to moneys in the Fund | ||||||
2 | must be deposited into the Fund. | ||||||
3 | (b) Moneys in the Fund may be used only for the following | ||||||
4 | purposes: | ||||||
5 | (1) (blank); | ||||||
6 | (2) (blank); | ||||||
7 | (1) (3) grants for the start-up or operational | ||||||
8 | purposes of participating organizations; and | ||||||
9 | (2) (4) the administration of the Fund and this Act. | ||||||
10 | (c) Moneys deposited into in the Fund must be allocated as | ||||||
11 | follows: | ||||||
12 | (1) 20% of the amount deposited into the Fund in the | ||||||
13 | fiscal year must be set aside for the operating budget of | ||||||
14 | the Fund for the next fiscal year, but the operating | ||||||
15 | budget of the Fund may not exceed $4,000,000 in any fiscal | ||||||
16 | year; | ||||||
17 | (1) 80% (2) 50% must be available for the purposes set | ||||||
18 | forth under subsection (b); and | ||||||
19 | (2) 20% (3) 30% must be invested for the purpose of | ||||||
20 | earning interest or other investment income. | ||||||
21 | (d) As soon as practical after the effective date of this | ||||||
22 | Act, the State Treasurer must transfer the amount of | ||||||
23 | $1,000,000 from the General Revenue Fund to the Charitable | ||||||
24 | Trust Stabilization Fund. On the June 30 that occurs in the | ||||||
25 | third year after the transfer to the Charitable Trust | ||||||
26 | Stabilization Fund, the Treasurer must transfer the amount of |
| |||||||
| |||||||
1 | $1,000,000 from the Charitable Trust Stabilization Fund to the | ||||||
2 | General Revenue Fund. If, on that date, less than $1,000,000 | ||||||
3 | is available for transfer, then the Treasurer must transfer | ||||||
4 | the remaining balance of the Charitable Trust Stabilization | ||||||
5 | Fund to the General Revenue Fund, and on each June 30 | ||||||
6 | thereafter must transfer any balance in the Charitable Trust | ||||||
7 | Stabilization Fund to the General Revenue Fund until the | ||||||
8 | aggregate amount of $1,000,000 has been transferred.
| ||||||
9 | (Source: P.A. 97-274, eff. 8-8-11.)
| ||||||
10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law.
|