HB3627 Enrolled LRB095 10069 BDD 30283 b

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 1. Short title. This Act may be cited as the
5 Charitable Trust Stabilization Act.
 
6     Section 5. The Charitable Trust Stabilization Fund.
7     (a) The Charitable Trust Stabilization Fund is created as a
8 special fund in the State treasury. From appropriations from
9 the Fund, the Charitable Trust Stabilization Committee shall
10 make grants to public and private entities in the State for the
11 purposes set forth under subsection (b). Moneys received for
12 the purposes of this Section, including, without limitation,
13 fees collected under subsection (m) of Section 115.10 of the
14 General Not For Profit Corporation Act of 1986 and
15 appropriations, gifts, grants, and awards from any public or
16 private entity, must be deposited into the Fund. Any interest
17 earnings that are attributable to moneys in the Fund must be
18 deposited into the Fund.
19     (b) Moneys in the Fund may be used only for the following
20 purposes:
21         (1) short-term, low-interest loans to participating
22     organizations that experience temporary cash-flow
23     shortages;

 

 

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1         (2) business loans to participating organizations for
2     the purpose of expanding their capacity or operations;
3         (3) grants for the start-up purposes of participating
4     organizations; and
5         (4) the administration of the Fund and this Act.
6     (c) Moneys in the Fund must be allocated as follows:
7         (1) 20% of the amount deposited into the Fund in the
8     fiscal year must be set aside for the operating budget of
9     the Fund and Committee for the next fiscal year, but the
10     operating budget of the Fund and Committee may not exceed
11     $4,000,000 in any fiscal year;
12         (2) 50% must be available for the purposes set forth
13     under subsection (b); and
14         (3) 30% must be invested for the purpose of earning
15     interest or other investment income.
16     (d) As soon as practical after the effective date of this
17 Act, the State Treasurer must transfer the amount of $1,000,000
18 from the General Revenue Fund to the Charitable Trust
19 Stabilization Fund. On the June 30 that occurs in the third
20 year after the transfer to the Charitable Trust Stabilization
21 Fund, the Treasurer must transfer the amount of $1,000,000 from
22 the Charitable Trust Stabilization Fund to the General Revenue
23 Fund. If, on that date, less than $1,000,000 is available for
24 transfer, then the Treasurer must transfer the remaining
25 balance of the Charitable Trust Stabilization Fund to the
26 General Revenue Fund, and on each June 30 thereafter must

 

 

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1 transfer any balance in the Charitable Trust Stabilization Fund
2 to the General Revenue Fund until the aggregate amount of
3 $1,000,000 has been transferred.
 
4     Section 10. The Charitable Trust Stabilization Committee.
5     (a) The Charitable Trust Stabilization Committee is
6 created. The Committee consists of the following members:
7         (1) the Attorney General or his or her designee, who
8     shall serve as co-chair of the Committee;
9         (2) the State Treasurer or his or her designee, who
10     shall serve as co-chair of the Committee;
11         (3) the Lieutenant Governor or his or her designee;
12         (4) the Director of Commerce and Economic Opportunity
13     or his or her designee;
14         (5) the chief executive officer of the Division of
15     Financial Institutions in the Department of Financial and
16     Professional Regulations or his or her designee; and
17         (6) six private citizens, who shall serve a term of 6
18     years, appointed by the State Treasurer with advice and
19     consent of the Senate.
20     (b) The Committee shall adopt rules, including procedures
21 and criteria for grant awards; it must meet at least once each
22 calendar quarter; and it may establish committees and officers
23 as it deems necessary. For purposes of Committee meetings, a
24 quorum is a majority of the members. Meetings of the Committee
25 are subject to the Open Meetings Act. The Committee must afford

 

 

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1 an opportunity for public comment at each of its meetings.
2     (c) Committee members shall serve without compensation,
3 but may be reimbursed for their reasonable travel expenses from
4 funds available for that purpose. The Department of Commerce
5 and Economic Opportunity shall, subject to appropriation,
6 provide staff and administrative support services to the
7 Committee.
8     (d) The Committee shall administer the Charitable Trust
9 Stabilization Fund. The Committee may employ the services of a
10 director. The director must have extensive experience in
11 building and funding not-for-profit ventures. The director
12 must:
13         (1) develop and implement an annual work plan based on
14     the goals set forth by the Committee;
15         (2) attend the Committee meetings and provide reports
16     of the progress on the annual work plan;
17         (3) develop and maintain a database of all
18     organizations that have elected to participate under this
19     Act; and
20         (4) publicize the Charitable Trust Stabilization Fund
21     to eligible organizations.
 
22     Section 15. Grant eligibility. To be eligible to receive a
23 grant under this Act, an organization must be a community-based
24 organization or other not-for-profit entity that:
25         (1) is a not-for-profit corporation that is exempt from

 

 

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1     federal income taxation under Section 501(c)(3) of the
2     federal Internal Revenue Code of 1986;
3         (2) is organized under the General Not for Profit
4     Corporation Act of 1986 for the purpose of providing
5     charitable services to the community; and
6         (3) complies with the provisions of the Charitable
7     Trust Act.
 
8     Section 20. Permissive application. The grant program
9 under this Act is permissive and is subject to appropriation by
10 the General Assembly.
 
11     Section 90. The State Finance Act is amended by adding
12 Section 5.675 as follows:
 
13     (30 ILCS 105/5.675 new)
14     Sec. 5.675. The Charitable Trust Stabilization Fund.
 
15     Section 95. The General Not For Profit Corporation Act of
16 1986 is amended by changing Section 115.10 as follows:
 
17     (805 ILCS 105/115.10)  (from Ch. 32, par. 115.10)
18     Sec. 115.10. Fees for filing documents. The Secretary of
19 State shall charge and collect for:
20         (a) Filing articles of incorporation, $50.
21         (b) Filing articles of amendment, $25, unless the

 

 

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1     amendment is a restatement of the articles of
2     incorporation, in which case the fee shall be $100.
3         (c) Filing articles of merger or consolidation, $25.
4         (d) Filing articles of dissolution, $5.
5         (e) Filing application to reserve a corporate name,
6     $25.
7         (f) Filing a notice of transfer or cancellation of a
8     reserved corporate name, $25.
9         (g) Filing statement of change of address of registered
10     office or change of registered agent, or both, $5.
11         (h) Filing an application of a foreign corporation for
12     authority to conduct affairs in this State, $50.
13         (i) Filing an application of a foreign corporation for
14     amended authority to conduct affairs in this State, $25.
15         (j) Filing a copy of amendment to the articles of
16     incorporation of a foreign corporation holding authority
17     to conduct affairs in this State, $25, unless the amendment
18     is a restatement of the articles of incorporation, in which
19     case the fee shall be $100.
20         (k) Filing a copy of articles of merger of a foreign
21     corporation holding authority to conduct affairs in this
22     State, $25.
23         (l) Filing an application for withdrawal and final
24     report or a copy of articles of dissolution of a foreign
25     corporation, $5.
26         (m) Filing an annual report of a domestic or foreign

 

 

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1     corporation, $10, of which $5 must be deposited into the
2     Charitable Trust Stabilization Fund $5.
3         (n) Filing an application for reinstatement of a
4     domestic or a foreign corporation, $25.
5         (o) Filing an application for use of an assumed
6     corporate name, $150 for each year or part thereof ending
7     in 0 or 5, $120 for each year or part thereof ending in 1 or
8     6, $90 for each year or part thereof ending in 2 or 7, $60
9     for each year or part thereof ending in 3 or 8, $30 for
10     each year or part thereof ending in 4 or 9, and a renewal
11     fee for each assumed corporate name, $150.
12         (p) Filing an application for change or cancellation of
13     an assumed corporate name, $5.
14         (q) Filing an application to register the corporate
15     name of a foreign corporation, $50; and an annual renewal
16     fee for the registered name, $50.
17         (r) Filing an application for cancellation of a
18     registered name of a foreign corporation, $5.
19         (s) Filing a statement of correction, $25.
20         (t) Filing an election to accept this Act, $25.
21         (u) Filing any other statement or report, $5.
22 (Source: P.A. 93-59, eff. 7-1-03; 94-605, eff. 1-1-06.)