Full Text of HB3627 95th General Assembly
HB3627eng 95TH GENERAL ASSEMBLY
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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. On the June 30 that occurs in the third | 18 |
| year after the transfer to the Charitable Trust Stabilization | 19 |
| Fund, the Treasurer must transfer the amount of $1,000,000 from | 20 |
| the Charitable Trust Stabilization Fund to the General Revenue | 21 |
| Fund. If, on that date, less than $1,000,000 is available for | 22 |
| transfer, then the Treasurer must transfer the remaining | 23 |
| balance of the Charitable Trust Stabilization Fund to the | 24 |
| General Revenue Fund, and on each June 30 thereafter must | 25 |
| transfer any balance in the Charitable Trust Stabilization Fund | 26 |
| to the General Revenue Fund until the aggregate amount of |
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| $1,000,000 has been transferred. | 2 |
| Section 10. The Charitable Trust Stabilization Committee. | 3 |
| (a) The Charitable Trust Stabilization Committee is | 4 |
| created. The Committee consists of the following members: | 5 |
| (1) the Lieutenant Governor or his or her designee, who | 6 |
| shall serve as co-chair of the Committee; | 7 |
| (2) the State Treasurer or his or her designee, who | 8 |
| shall serve as co-chair of the Committee; | 9 |
| (3) the Attorney General or his or her designee; | 10 |
| (4) the Director or his or her designee of each State | 11 |
| agency that provides grants to or contracts with | 12 |
| not-for-profit agencies in Illinois; | 13 |
| (5) the chief executive officer of the Division of | 14 |
| Financial Institutions in the Department of Financial and | 15 |
| Professional Regulations; and | 16 |
| (6) at least 5 but no more than 11 private citizens, | 17 |
| who shall serve a term of 6 years, appointed by the State | 18 |
| Treasurer. | 19 |
| (b) The Committee may adopt bylaws; it must meet at least | 20 |
| once each
calendar
quarter; and it may establish committees and | 21 |
| officers as it deems necessary.
For purposes of Committee | 22 |
| meetings, a quorum is a majority of the members.
Meetings of | 23 |
| the Committee are subject to the Open Meetings Act.
The | 24 |
| Committee must afford an opportunity for public comment at each | 25 |
| of its meetings. |
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| (c) Committee members shall serve without compensation, | 2 |
| but may be
reimbursed
for their reasonable travel expenses from | 3 |
| funds available for that purpose. The
Department of Commerce | 4 |
| and Economic Opportunity shall provide staff and
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| administrative support services to the task force. | 6 |
| (d) The Committee shall administer the Charitable Trust | 7 |
| Stabilization Fund. The Committee may employ the services of a | 8 |
| director. The director must have extensive experience in | 9 |
| building and funding not-for-profit ventures. The director | 10 |
| must: | 11 |
| (1) develop and implement an annual work plan based on | 12 |
| the goals set forth by the Committee; | 13 |
| (2) attend the Committee meetings and provide reports | 14 |
| of the progress on the annual work plan; | 15 |
| (3) develop and maintain a database of all | 16 |
| organizations that have elected to participate under this | 17 |
| Act; and | 18 |
| (4) publicize the Charitable Trust Stabilization Fund | 19 |
| to eligible organizations. | 20 |
| Section 15. Participating organizations. | 21 |
| (a) An eligible organization may elect to participate in | 22 |
| the Charitable Trust Stabilization Program under this Act. To | 23 |
| participate, the eligible organization must agree to have 3% of | 24 |
| the proceeds received by that organization from a grant award | 25 |
| or contract with any State agency placed in the Charitable |
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| Trust Stabilization Fund. | 2 |
| (b) To be an eligible organization, the organization must | 3 |
| be a community-based organization or other not-for-profit | 4 |
| entity that: | 5 |
| (1) is a not-for-profit corporation that is exempt from | 6 |
| federal income taxation under Section 501(c)(3) of the | 7 |
| federal Internal Revenue Code of 1986; | 8 |
| (2) is organized under the General Not for Profit | 9 |
| Corporation Act of 1986 for the purpose of providing | 10 |
| charitable services to the community; | 11 |
| (3) complies with the provisions of the Charitable | 12 |
| Trust Act; and | 13 |
| (4) received a grant or contract from a State agency | 14 |
| within the previous 24 months.
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| Section 20. Permissive application. The grant program | 16 |
| under this Act
is permissive and is subject to appropriation by | 17 |
| the General
Assembly. | 18 |
| Section 90. The State Finance Act is amended by adding | 19 |
| Section 5.675 as follows: | 20 |
| (30 ILCS 105/5.675 new) | 21 |
| Sec. 5.675. The Charitable Trust Stabilization Fund.
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