Full Text of HB3377 97th General Assembly
HB3377enr 97TH GENERAL ASSEMBLY
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Charitable Trust Stabilization Act is
amended by changing Sections 5 and 10 as follows:
(30 ILCS 790/5)
The Charitable Trust Stabilization Fund.
(a) The Charitable Trust Stabilization Fund is created as a
special fund in the State treasury. From appropriations from
upon recommendation from
the Charitable Trust
, the State Treasurer may
grants to public and private entities in the State for the
purposes set forth under subsection (b).
shall be given to public and private entities with operating
budgets of less than $1,000,000 that are located within a
depressed area, as defined under Section 3 of the Illinois
Enterprise Zone Act, and preferences for recommending grants to
the State Treasurer may be given to these entities by the
Moneys received for the purposes of this Section,
including, without limitation, fees collected under subsection
(m) of Section 115.10 of the General Not For Profit Corporation
Act of 1986 and appropriations, gifts, grants, and awards from
any public or private entity, must be deposited into the Fund.
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Any interest earnings that are attributable to moneys in the
Fund must be deposited into the Fund.
(b) Moneys in the Fund may be used only for the following
short-term, low-interest loans to
participating organizations that experience temporary
business loans to participating
organizations for the purpose of expanding their capacity
(3) grants for the start-up
participating organizations; and
(4) the administration of the Fund and this Act.
(c) Moneys in the Fund must be allocated as follows:
(1) 20% of the amount deposited into the Fund in the
fiscal year must be set aside for the operating budget of
for the next fiscal year, but the
operating budget of the Fund
may not exceed
$4,000,000 in any fiscal year;
(2) 50% must be available for the purposes set forth
under subsection (b); and
(3) 30% must be invested for the purpose of earning
interest or other investment income.
(d) As soon as practical after the effective date of this
Act, the State Treasurer must transfer the amount of $1,000,000
from the General Revenue Fund to the Charitable Trust
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Stabilization Fund. On the June 30 that occurs in the third
year after the transfer to the Charitable Trust Stabilization
Fund, the Treasurer must transfer the amount of $1,000,000 from
the Charitable Trust Stabilization Fund to the General Revenue
Fund. If, on that date, less than $1,000,000 is available for
transfer, then the Treasurer must transfer the remaining
balance of the Charitable Trust Stabilization Fund to the
General Revenue Fund, and on each June 30 thereafter must
transfer any balance in the Charitable Trust Stabilization Fund
to the General Revenue Fund until the aggregate amount of
$1,000,000 has been transferred.
(Source: P.A. 95-655, eff. 6-1-08
(30 ILCS 790/10)
The Charitable Trust Stabilization Committee.
(a) The Charitable Trust Stabilization Committee is
created. The Committee consists of the following members:
(1) the Attorney General or his or her designee, who
shall serve as co-chair of the Committee;
a member that represents the Office of
that is appointed by the Treasurer
or his or her
, who shall serve as co-chair of the Committee;
(3) the Lieutenant Governor or his or her designee;
(4) the Director of Commerce and Economic Opportunity
or his or her designee;
(5) the chief executive officer of the Division of
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Financial Institutions in the Department of Financial and
Professional Regulations or his or her designee; and
(6) six private citizens, who shall serve a term of 6
years, appointed by the State Treasurer with advice and
consent of the Senate.
shall adopt rules,
including procedures and criteria for grant awards
must meet at least once each
and it may establish committees and officers as it deems
For purposes of Committee meetings, a quorum is a
majority of the members.
Meetings of the Committee are subject
to the Open Meetings Act.
The Committee must afford an
opportunity for public comment at each of its meetings.
(c) Committee members shall serve without compensation,
but may be
for their reasonable travel expenses from
funds available for that purpose. The
Office of the State
Department of Commerce and Economic Opportunity
shall, subject to appropriation, provide staff and
administrative support services to the Committee.
shall administer the
Charitable Trust Stabilization Fund.
The Committee may employ
the services of a director. The director must have extensive
experience in building and funding not-for-profit ventures.
The director must:
(1) develop and implement an annual work plan based on
the goals set forth by the Committee;
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(2) attend the Committee meetings and provide reports
of the progress on the annual work plan;
(3) develop and maintain a database of all
organizations that have elected to participate under this
(4) publicize the Charitable Trust Stabilization Fund
to eligible organizations.
The State Treasurer may transfer all or a portion of the
balance of the fund to a third-party administrator to fulfill
the mission of the Committee and the purposes of the fund in
accordance with this Act and in compliance with Section 5(c) of
(Source: P.A. 95-655, eff. 6-1-08
This Act takes effect upon