Illinois General Assembly - Full Text of HB0011
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Full Text of HB0011  102nd General Assembly

HB0011eng 102ND GENERAL ASSEMBLY

  
  
  

 


 
HB0011 EngrossedLRB102 02622 RJF 12625 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Charitable Trust Stabilization Act is
5amended 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
9a special fund in the State treasury. From appropriations from
10the Fund, upon recommendation from the Charitable Trust
11Stabilization Committee, the State Treasurer may make grants
12to public and private entities in the State for the purposes
13set forth under subsection (b). Special attention shall be
14given to public and private entities with operating budgets of
15less than $2,000,000 $1,000,000 that are located within a
16depressed area, as defined under Section 3 of the Illinois
17Enterprise Zone Act, and preferences for recommending grants
18to the State Treasurer may be given to these entities by the
19Committee. Moneys received for the purposes of this Section,
20including, without limitation, fees collected under subsection
21(m) of Section 115.10 of the General Not For Profit
22Corporation Act of 1986 and appropriations, gifts, grants, and
23awards from any public or private entity, must be deposited

 

 

HB0011 Engrossed- 2 -LRB102 02622 RJF 12625 b

1into the Fund. Any interest earnings that are attributable to
2moneys in the Fund must be deposited into the Fund.
3    (b) Moneys in the Fund may be used only for the following
4purposes:
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 in the Fund must be allocated as follows:
11        (1) 20% of the amount deposited into the Fund in the
12    fiscal year must be set aside for the operating budget of
13    the Fund for the next fiscal year, but the operating
14    budget of the Fund may not exceed $4,000,000 in any fiscal
15    year;
16        (2) 50% must be available for the purposes set forth
17    under subsection (b); and
18        (3) 30% must be invested for the purpose of earning
19    interest or other investment income.
20    (d) (Blank). As soon as practical after the effective date
21of this Act, the State Treasurer must transfer the amount of
22$1,000,000 from the General Revenue Fund to the Charitable
23Trust Stabilization Fund. On the June 30 that occurs in the
24third year after the transfer to the Charitable Trust
25Stabilization Fund, the Treasurer must transfer the amount of
26$1,000,000 from the Charitable Trust Stabilization Fund to the

 

 

HB0011 Engrossed- 3 -LRB102 02622 RJF 12625 b

1General Revenue Fund. If, on that date, less than $1,000,000
2is available for transfer, then the Treasurer must transfer
3the remaining balance of the Charitable Trust Stabilization
4Fund to the General Revenue Fund, and on each June 30
5thereafter must transfer any balance in the Charitable Trust
6Stabilization Fund to the General Revenue Fund until the
7aggregate amount of $1,000,000 has been transferred.
8(Source: P.A. 97-274, eff. 8-8-11.)
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.