SB3157eng 103RD GENERAL ASSEMBLY

SB3157 Engrossed LRB103 36607 SPS 66716 b

AN ACT concerning State government.

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

Section 5. The State Treasurer Act is amended by changing Section 10 and by adding Section 17.2 as follows:

(15 ILCS 505/10) (from Ch. 130, par. 10)

Sec. 10. Direct deposit of State payments. The Treasurer shall not pay out of the treasury any money, except upon the warrant of the State Comptroller, provided that warrants shall not be required where payments are made by the Comptroller:

(1) to providers of community-based mental health services; ,

(2) to persons receiving benefit payments under the State pension systems; ,

(3) to individuals receiving assistance under Article III of the Illinois Public Aid Code; , or

(4) to a public agency as defined in the Public Funds Investment Act; or ,

(5) by direct deposit or by the electronic direct deposit or transfer of funds.

These payments, however, shall only be made upon the approval of the Treasurer, in the form and method provided by the rules or regulations adopted under Section 9.03 of the State Comptroller Act.

(Source: P.A. 87-132; 87-653; 87-685; 87-751; 87-895; 88-643, eff. 1-1-95.)

(15 ILCS 505/17.2 new)

Sec. 17.2. Non-profit investment pool.

(a) The State Treasurer may establish and administer a non-profit investment pool and an electronic payment processing program to supplement and enhance investment opportunities and secure electronic payment options otherwise available to not-for-profit corporations in this State.

(b) The Treasurer may receive funds paid into the non-profit investment pool by a not-for-profit corporation that is exempt from taxation under Section 501(c)(3), 501(c)(4), 501(c)(5), or 501(c)(6) of the Internal Revenue Code for the purpose of holding and investing those funds.

(c) The Treasurer may invest the funds constituting the non-profit investment pool in the same manner, in the same types of investments, and subject to the same limitations provided for the investment of funds in the State Treasury. The Treasurer shall develop, publish, and implement an investment policy covering the management of funds in the non-profit investment pool. The policy shall be published each year as part of the audit of the non-profit investment pool by the Auditor General, which shall be distributed to all participants. The Treasurer shall notify all non-profit investment pool participants in writing, and the Treasurer shall publish in at least one newspaper of general circulation in both Springfield and Chicago any changes to a previously published investment policy at least 30 calendar days before implementing the policy. Any investment policy adopted by the Treasurer shall be reviewed, and updated if necessary, within 90 days after the installation of a new Treasurer.

(d) The Treasurer shall adopt rules for the efficient administration of the non-profit investment pool, including the minimum amounts that may be deposited in the non-profit investment pool and the minimum period of time that deposits shall be retained in the non-profit investment pool. The rules shall provide for the administrative expenses of the non-profit investment pool to be paid from its earnings and for the interest earnings in excess of such expenses to be credited or paid monthly to the not-for-profit corporations participating in the non-profit investment pool in a manner which equitably reflects the differing amounts of their respective investments in the non-profit investment pool and the differing periods of time for which the amounts were in the custody of the non-profit investment pool.

(e) Upon creating a non-profit investment pool, the State Treasurer shall give bond with 2 or more sufficient sureties, payable to not-for-profit corporations that participate in the non-profit investment pool for the benefit of the not-for-profit corporations that have funds that are paid into the non-profit investment pool for investment, in the penal sum of $150,000, conditioned for the faithful discharge of the State Treasurer's duties in relation to the non-profit investment pool.

Section 10. The Accountability for the Investment of Public Funds Act is amended by changing Section 10 as follows:

(30 ILCS 237/10)

Sec. 10. Online information concerning investment of public funds. Each State agency shall make available on the Internet, and update at least monthly, no later than the end of each month by the 15th of the month, sufficient information concerning the investment of any public funds held by that State agency to identify the following:

(1) the amount of funds held by that agency on the last day of the preceding month or the average daily balance for the preceding month;

(2) the total monthly investment income and yield for all funds invested by that agency;

(3) the asset allocation of the investments made by that agency; and

(4) a complete listing of all approved depository institutions, commercial paper issuers, and broker-dealers approved to do business with that agency.

(Source: P.A. 93-499, eff. 1-1-04.)

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