Full Text of HB3627 95th General Assembly
HB3627 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB3627
Introduced 2/28/2007, by Rep. Constance A. Howard SYNOPSIS AS INTRODUCED: |
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New Act |
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30 ILCS 105/5.675 new |
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Creates the Charitable Trust Stabilization Act and amends the State Finance Act. Creates the Charitable Trust Stabilization Fund as a special fund in the State treasury and requires that the moneys in the Fund be used for financial assistance to participating eligible charitable organizations. Creates the Charitable Trust Stabilization Committee to administer the Fund. Provides that eligible charitable organizations may elect to participate by agreeing to have 3% of the proceeds received by that organization from a grant award or contract with any State agency placed in the Charitable Trust Stabilization Fund. Sets forth requirements for eligible organizations.
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A BILL FOR
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HB3627 |
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LRB095 10069 BDD 30283 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| 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 |
| retained grant awards under Section 15 and appropriations, | 14 |
| gifts, grants, and awards from any public or private entity, | 15 |
| must be deposited into the Fund. Any interest earnings that are | 16 |
| attributable to moneys in the Fund must be deposited into the | 17 |
| Fund. | 18 |
| (b) Moneys in the Fund may be used only for the following | 19 |
| purposes: | 20 |
| (1) short-term, low-interest loans to participating | 21 |
| organizations that experience temporary cash-flow | 22 |
| shortages; | 23 |
| (2) business loans to participating organizations for |
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| the purpose of expanding their capacity or operations; | 2 |
| (3) grants for the start-up purposes of participating | 3 |
| organizations; and | 4 |
| (4) the administration of the Fund and this Act. | 5 |
| (c) Moneys in the Fund must be allocated as follows: | 6 |
| (1) 20% of the amount deposited into the Fund in the | 7 |
| fiscal year must be set aside for the operating budget of | 8 |
| the Fund for the next fiscal year, but the operating budget | 9 |
| of the Fund may not exceed $4,000,000 in any fiscal year; | 10 |
| (2) 50% must be available for the purposes set forth | 11 |
| under subsection (b); and | 12 |
| (3) 30% must be invested for the purpose of earning | 13 |
| interest or other investment income. | 14 |
| (d) As soon as practical after the effective date of this | 15 |
| Act, the State Treasurer must transfer the amount of $1,000,000 | 16 |
| from the General Revenue Fund to the Charitable Trust | 17 |
| Stabilization Fund. | 18 |
| Section 10. The Charitable Trust Stabilization Committee. | 19 |
| (a) The Charitable Trust Stabilization Committee is | 20 |
| created. The Committee consists of the following members: | 21 |
| (1) the Lieutenant Governor or his or her designee, who | 22 |
| shall serve as co-chair of the Committee; | 23 |
| (2) the State Treasurer or his or her designee, who | 24 |
| shall serve as co-chair of the Committee; | 25 |
| (3) the Attorney General or his or her designee; |
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| (4) the Director or his or her designee of each State | 2 |
| agency that provides grants to or contracts with | 3 |
| not-for-profit agencies in Illinois; | 4 |
| (5) the chief executive officer of the Division of | 5 |
| Financial Institutions in the Department of Financial and | 6 |
| Professional Regulations; and | 7 |
| (6) at least 5 but no more than 11 private citizens, | 8 |
| who shall serve a term of 6 years, appointed by the State | 9 |
| Treasurer. | 10 |
| (b) The Committee may adopt bylaws; it must meet at least | 11 |
| once each
calendar
quarter; and it may establish committees and | 12 |
| officers as it deems necessary.
For purposes of Committee | 13 |
| meetings, a quorum is a majority of the members.
Meetings of | 14 |
| the Committee are subject to the Open Meetings Act.
The | 15 |
| Committee must afford an opportunity for public comment at each | 16 |
| of its meetings. | 17 |
| (c) Committee members shall serve without compensation, | 18 |
| but may be
reimbursed
for their reasonable travel expenses from | 19 |
| funds available for that purpose. The
Department of Commerce | 20 |
| and Economic Opportunity shall provide staff and
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| administrative support services to the task force. | 22 |
| (d) The Committee shall administer the Charitable Trust | 23 |
| Stabilization Fund. The Committee may employ the services of a | 24 |
| director. The director must have extensive experience in | 25 |
| building and funding not-for-profit ventures. The director | 26 |
| must: |
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| (1) develop and implement an annual work plan based on | 2 |
| the goals set forth by the Committee; | 3 |
| (2) attend the Committee meetings and provide reports | 4 |
| of the progress on the annual work plan; | 5 |
| (3) develop and maintain a database of all | 6 |
| organizations that have elected to participate under this | 7 |
| Act; and | 8 |
| (4) publicize the Charitable Trust Stabilization Fund | 9 |
| to eligible organizations. | 10 |
| Section 15. Participating organizations. | 11 |
| (a) An eligible organization may elect to participate in | 12 |
| the Charitable Trust Stabilization Program under this Act. To | 13 |
| participate, the eligible organization must agree to have 3% of | 14 |
| the proceeds received by that organization from a grant award | 15 |
| or contract with any State agency placed in the Charitable | 16 |
| Trust Stabilization Fund. | 17 |
| (b) To be an eligible organization, the organization must | 18 |
| be a community-based organization or other not-for-profit | 19 |
| entity that: | 20 |
| (1) is a not-for-profit corporation that is exempt from | 21 |
| federal income taxation under Section 501(c)(3) of the | 22 |
| federal Internal Revenue Code of 1986; | 23 |
| (2) is organized under the General Not for Profit | 24 |
| Corporation Act of 1986 for the purpose of providing | 25 |
| charitable services to the community; |
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| (3) complies with the provisions of the Charitable | 2 |
| Trust Act; and | 3 |
| (4) received a grant or contract from a State agency | 4 |
| within the previous 24 months.
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| Section 90. The State Finance Act is amended by adding | 6 |
| Section 5.675 as follows: | 7 |
| (30 ILCS 105/5.675 new) | 8 |
| Sec. 5.675. The Charitable Trust Stabilization Fund.
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