Illinois General Assembly - Full Text of HB1515
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Full Text of HB1515  96th General Assembly



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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 Sections 5 and 10 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 a
9special fund in the State treasury. From appropriations from
10the Fund, the Charitable Trust Stabilization Committee shall
11make grants and loans to public and private entities in the
12State for the purposes set forth under subsection (b). Special
13attention shall be given to public and private entities with
14operating budgets of less than $1,000,000, and preference for
15grants or loans may be given to these entities by the
16Committee. Moneys received for the purposes of this Section,
17including, without limitation, fees collected under subsection
18(m) of Section 115.10 of the General Not For Profit Corporation
19Act of 1986 and appropriations, gifts, grants, and awards from
20any public or private entity, must be deposited into the Fund.
21Any interest earnings that are attributable to moneys in the
22Fund must be deposited into the Fund.
23    (b) Moneys in the Fund may be used only for the following



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2        (1) short-term, low-interest loans to participating
3    organizations that experience temporary cash-flow
4    shortages;
5        (2) business loans to participating organizations for
6    the purpose of expanding their capacity or operations;
7        (3) grants for the start-up or operational purposes of
8    participating organizations; and
9        (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 and Committee for the next fiscal year, but the
14    operating budget of the Fund and Committee may not exceed
15    $4,000,000 in any fiscal 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) As soon as practical after the effective date of this
21Act, the State Treasurer must transfer the amount of $1,000,000
22from the General Revenue Fund to the Charitable Trust
23Stabilization Fund. On the June 30 that occurs in the third
24year after the transfer to the Charitable Trust Stabilization
25Fund, the Treasurer must transfer the amount of $1,000,000 from
26the Charitable Trust Stabilization Fund to the General Revenue



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1Fund. If, on that date, less than $1,000,000 is available for
2transfer, then the Treasurer must transfer the remaining
3balance of the Charitable Trust Stabilization Fund to the
4General Revenue Fund, and on each June 30 thereafter must
5transfer any balance in the Charitable Trust Stabilization Fund
6to the General Revenue Fund until the aggregate amount of
7$1,000,000 has been transferred.
8(Source: P.A. 95-655, eff. 6-1-08.)
9    (30 ILCS 790/10)
10    Sec. 10. The Charitable Trust Stabilization Committee.
11    (a) The Charitable Trust Stabilization Committee is
12created. The Committee consists of the following members:
13        (1) the Attorney General or his or her designee, who
14    shall serve as co-chair of the Committee;
15        (2) the State Treasurer or his or her designee, who
16    shall serve as co-chair of the Committee;
17        (3) the Lieutenant Governor or his or her designee;
18        (4) the Director of Commerce and Economic Opportunity
19    or his or her designee;
20        (5) the chief executive officer of the Division of
21    Financial Institutions in the Department of Financial and
22    Professional Regulations or his or her designee; and
23        (6) six private citizens, who shall serve a term of 6
24    years, appointed by the State Treasurer with advice and
25    consent of the Senate.



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1    (b) The Committee shall adopt rules, including procedures
2and criteria for grant awards; it must meet at least once each
3calendar quarter; and it may establish committees and officers
4as it deems necessary. For purposes of Committee meetings, a
5quorum is a majority of the members. Meetings of the Committee
6are subject to the Open Meetings Act. The Committee must afford
7an opportunity for public comment at each of its meetings.
8    (c) Committee members shall serve without compensation,
9but may be reimbursed for their reasonable travel expenses from
10funds available for that purpose. The Department of Commerce
11and Economic Opportunity shall, subject to appropriation,
12provide staff and administrative support services to the
14    (d) The Committee shall administer the Charitable Trust
15Stabilization Fund. The Committee may employ the services of a
16director or other staff as it deems appropriate in furtherance
17of this Act and in compliance with Section 5(c) of this Act.
18The Committee may enter into contracts in furtherance of its
19mission. The director must have extensive experience in
20building and funding not-for-profit ventures. The director
22        (1) develop and implement an annual work plan based on
23    the goals set forth by the Committee;
24        (2) attend the Committee meetings and provide reports
25    of the progress on the annual work plan;
26        (3) develop and maintain a database of all



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1    organizations that have elected to participate under this
2    Act; and
3        (4) publicize the Charitable Trust Stabilization Fund
4    to eligible organizations.
5    The Committee may transfer all or a portion of the balance
6of the Fund to a third-party administrator to fulfill the
7mission of the Committee and the purposes of the Fund in
8accordance with this Act and in compliance with Section 5(c) of
9this Act.
10(Source: P.A. 95-655, eff. 6-1-08.)
11    Section 99. Effective date. This Act takes effect upon
12becoming law.