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


Rep. Constance A. Howard

Filed: 1/4/2011





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2    AMENDMENT NO. ______. Amend House Bill 1515 by replacing
3everything after the enacting clause with the following:
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,



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1including, without limitation, fees collected under subsection
2(m) of Section 115.10 of the General Not For Profit Corporation
3Act of 1986 and appropriations, gifts, grants, and awards from
4any public or private entity, must be deposited into the Fund.
5Any interest earnings that are attributable to moneys in the
6Fund must be deposited into the Fund.
7    (b) Moneys in the Fund may be used only for the following
9        (1) short-term, low-interest loans to participating
10    organizations that experience temporary cash-flow
11    shortages;
12        (2) business loans to participating organizations for
13    the purpose of expanding their capacity or operations;
14        (3) grants for the start-up or operational purposes of
15    participating organizations; and
16        (4) the administration of the Fund and this Act.
17    (c) Moneys in the Fund must be allocated as follows:
18        (1) 20% of the amount deposited into the Fund in the
19    fiscal year must be set aside for the operating budget of
20    the Fund and Committee for the next fiscal year, but the
21    operating budget of the Fund and Committee may not exceed
22    $4,000,000 in any fiscal year;
23        (2) 50% must be available for the purposes set forth
24    under subsection (b); and
25        (3) 30% must be invested for the purpose of earning
26    interest or other investment income.



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1    (d) As soon as practical after the effective date of this
2Act, the State Treasurer must transfer the amount of $1,000,000
3from the General Revenue Fund to the Charitable Trust
4Stabilization Fund. On the June 30 that occurs in the third
5year after the transfer to the Charitable Trust Stabilization
6Fund, the Treasurer must transfer the amount of $1,000,000 from
7the Charitable Trust Stabilization Fund to the General Revenue
8Fund. If, on that date, less than $1,000,000 is available for
9transfer, then the Treasurer must transfer the remaining
10balance of the Charitable Trust Stabilization Fund to the
11General Revenue Fund, and on each June 30 thereafter must
12transfer any balance in the Charitable Trust Stabilization Fund
13to the General Revenue Fund until the aggregate amount of
14$1,000,000 has been transferred.
15(Source: P.A. 95-655, eff. 6-1-08.)
16    (30 ILCS 790/10)
17    Sec. 10. The Charitable Trust Stabilization Committee.
18    (a) The Charitable Trust Stabilization Committee is
19created. The Committee consists of the following members:
20        (1) the Attorney General or his or her designee, who
21    shall serve as co-chair of the Committee;
22        (2) the State Treasurer or his or her designee, who
23    shall serve as co-chair of the Committee;
24        (3) the Lieutenant Governor or his or her designee;
25        (4) the Director of Commerce and Economic Opportunity



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1    or his or her designee;
2        (5) the chief executive officer of the Division of
3    Financial Institutions in the Department of Financial and
4    Professional Regulations or his or her designee; and
5        (6) six private citizens, who shall serve a term of 6
6    years, appointed by the State Treasurer with advice and
7    consent of the Senate.
8    (b) The Committee shall adopt rules, including procedures
9and criteria for grant awards; it must meet at least once each
10calendar quarter; and it may establish committees and officers
11as it deems necessary. For purposes of Committee meetings, a
12quorum is a majority of the members. Meetings of the Committee
13are subject to the Open Meetings Act. The Committee must afford
14an opportunity for public comment at each of its meetings.
15    (c) Committee members shall serve without compensation,
16but may be reimbursed for their reasonable travel expenses from
17funds available for that purpose. The Department of Commerce
18and Economic Opportunity shall, subject to appropriation,
19provide staff and administrative support services to the
21    (d) The Committee shall administer the Charitable Trust
22Stabilization Fund. The Committee may employ the services of a
23director or other staff as it deems appropriate in furtherance
24of this Act and in compliance with Section 5(c) of this Act.
25The Committee may enter into contracts in furtherance of its
26mission. The director must have extensive experience in



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1building and funding not-for-profit ventures. The director
3        (1) develop and implement an annual work plan based on
4    the goals set forth by the Committee;
5        (2) attend the Committee meetings and provide reports
6    of the progress on the annual work plan;
7        (3) develop and maintain a database of all
8    organizations that have elected to participate under this
9    Act; and
10        (4) publicize the Charitable Trust Stabilization Fund
11    to eligible organizations.
12    The Committee may transfer all or a portion of the balance
13of the Fund to a third-party administrator to fulfill the
14mission of the Committee and the purposes of the Fund in
15accordance with this Act and in compliance with Section 5(c) of
16this Act.
17(Source: P.A. 95-655, eff. 6-1-08.)
18    Section 99. Effective date. This Act takes effect upon
19becoming law.".