Illinois General Assembly - Full Text of HB3377
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Full Text of HB3377  97th General Assembly




HB3377 EngrossedLRB097 10467 PJG 50711 b

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, upon recommendation from the Charitable Trust
11Stabilization Committee, the State Treasurer may shall make
12grants to public and private entities in the State for the
13purposes set forth under subsection (b). Special attention
14shall be given to public and private entities with operating
15budgets of less than $1,000,000 that are located within a
16depressed area, as defined under Section 3 of the Illinois
17Enterprise Zone Act, and preferences for recommending grants to
18the State Treasurer may be given to these entities by the
19Committee. Moneys received for the purposes of this Section,
20including, without limitation, fees collected under subsection
21(m) of Section 115.10 of the General Not For Profit Corporation
22Act of 1986 and appropriations, gifts, grants, and awards from
23any public or private entity, must be deposited into the Fund.



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1Any interest earnings that are attributable to moneys in the
2Fund must be deposited into the Fund.
3    (b) Moneys in the Fund may be used only for the following
5        (1) (blank) short-term, low-interest loans to
6    participating organizations that experience temporary
7    cash-flow shortages;
8        (2) (blank) business loans to participating
9    organizations for the purpose of expanding their capacity
10    or operations;
11        (3) grants for the start-up or operational purposes of
12    participating organizations; and
13        (4) the administration of the Fund and this Act.
14    (c) Moneys in the Fund must be allocated as follows:
15        (1) 20% of the amount deposited into the Fund in the
16    fiscal year must be set aside for the operating budget of
17    the Fund and Committee for the next fiscal year, but the
18    operating budget of the Fund and Committee may not exceed
19    $4,000,000 in any fiscal year;
20        (2) 50% must be available for the purposes set forth
21    under subsection (b); and
22        (3) 30% must be invested for the purpose of earning
23    interest or other investment income.
24    (d) As soon as practical after the effective date of this
25Act, the State Treasurer must transfer the amount of $1,000,000
26from the General Revenue Fund to the Charitable Trust



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



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1    Financial Institutions in the Department of Financial and
2    Professional Regulations or his or her designee; and
3        (6) six private citizens, who shall serve a term of 6
4    years, appointed by the State Treasurer with advice and
5    consent of the Senate.
6    (b) The State Treasurer Committee shall adopt rules,
7including procedures and criteria for grant awards. The
8Committee ; it must meet at least once each calendar quarter, ;
9and it may establish committees and officers as it deems
10necessary. For purposes of Committee meetings, a quorum is a
11majority of the members. Meetings of the Committee are subject
12to the Open Meetings Act. The Committee must afford an
13opportunity for public comment at each of its meetings.
14    (c) Committee members shall serve without compensation,
15but may be reimbursed for their reasonable travel expenses from
16funds available for that purpose. The Office of the State
17Treasurer Department of Commerce and Economic Opportunity
18shall, subject to appropriation, provide staff and
19administrative support services to the Committee.
20    (d) The State Treasurer Committee shall administer the
21Charitable Trust Stabilization Fund. The Committee may employ
22the services of a director. The director must have extensive
23experience in building and funding not-for-profit ventures.
24The director must:
25        (1) develop and implement an annual work plan based on
26    the goals set forth by the Committee;



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1        (2) attend the Committee meetings and provide reports
2    of the progress on the annual work plan;
3        (3) develop and maintain a database of all
4    organizations that have elected to participate under this
5    Act; and
6        (4) publicize the Charitable Trust Stabilization Fund
7    to eligible organizations.
8    The State Treasurer may transfer all or a portion of the
9balance of the fund to a third-party administrator to fulfill
10the mission of the Committee and the purposes of the fund in
11accordance with this Act and in compliance with Section 5(c) of
12this Act.
13(Source: P.A. 95-655, eff. 6-1-08.)
14    Section 99. Effective date. This Act takes effect upon
15becoming law.