Full Text of HB4116 97th General Assembly
HB4116 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB4116 Introduced , by Rep. Jim Durkin - Darlene J. Senger - Chad Hays - Patricia R. Bellock - Sandra M. Pihos SYNOPSIS AS INTRODUCED: |
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30 ILCS 235/1 | from Ch. 85, par. 901 |
110 ILCS 979/20 |
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Amends the Public Funds Investment Act. Deletes language providing that the Act does not apply to the Illinois Prepaid Tuition Trust Fund. Amends the Illinois Prepaid Tuition Act. Provides that the Illinois prepaid tuition program shall be bound by the terms of the Public Funds Investment Act. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | | HB4116 | | LRB097 15595 PJG 60735 b |
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| 1 | | AN ACT concerning finance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Public Funds Investment Act is amended by | 5 | | changing Section 1 as follows:
| 6 | | (30 ILCS 235/1) (from Ch. 85, par. 901)
| 7 | | Sec. 1.
The words "public funds", as used in this Act, mean | 8 | | current
operating funds, special funds, interest and sinking | 9 | | funds, and funds of
any kind or character belonging to or in | 10 | | the custody of any public agency.
| 11 | | The words "public agency", as used in this Act, mean the | 12 | | State of
Illinois, the various counties, townships, cities, | 13 | | towns, villages, school
districts, educational service | 14 | | regions, special road districts, public
water supply | 15 | | districts, fire protection districts, drainage districts, | 16 | | levee
districts, sewer districts, housing authorities, the | 17 | | Illinois Bank Examiners'
Education Foundation, the Chicago | 18 | | Park District, and all other political
corporations or | 19 | | subdivisions of the State of Illinois, now or hereafter
| 20 | | created, whether herein specifically mentioned or not.
This Act | 21 | | does not apply to : (i) the Illinois Prepaid Tuition Trust Fund,
| 22 | | private funds collected by the Illinois Conservation | 23 | | Foundation , or
(ii) pension
funds or retirement systems |
| | | HB4116 | - 2 - | LRB097 15595 PJG 60735 b |
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| 1 | | established
under the Illinois Pension Code, except as | 2 | | otherwise provided in that Code.
| 3 | | (Source: P.A. 91-669, eff. 1-1-00; 92-797, eff. 8-15-02.)
| 4 | | Section 10. The Illinois Prepaid Tuition Act is amended by | 5 | | changing Section 20 as follows:
| 6 | | (110 ILCS 979/20)
| 7 | | Sec. 20. Investment Advisory Panel. The Illinois prepaid | 8 | | tuition
program shall be
administered by the Illinois Student | 9 | | Assistance Commission, with advice and
counsel from an | 10 | | investment advisory panel appointed by the Commission. The
| 11 | | Illinois
prepaid tuition program shall be administratively | 12 | | housed within the Commission,
and the investment advisory panel | 13 | | shall have such duties as are specified
in this Act. The | 14 | | Illinois prepaid tuition program shall be bound by the terms of | 15 | | the Public Funds Investment Act.
| 16 | | The investment advisory panel shall consist of 7 members | 17 | | who are
appointed by the
Commission, including one recommended | 18 | | by the State Treasurer, one recommended
by the State | 19 | | Comptroller, one recommended by the Director of the
Governor's | 20 | | Office of Management and Budget, and one recommended by the | 21 | | Executive Director of the Board of Higher
Education. Each panel | 22 | | member shall possess knowledge, skill, and experience in
at | 23 | | least one of the following areas of expertise: accounting, | 24 | | actuarial
practice, risk management, or investment management. |
| | | HB4116 | - 3 - | LRB097 15595 PJG 60735 b |
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| 1 | | Members shall serve
3-year terms except that, in making the | 2 | | initial appointments, the Commission
shall appoint 2 members to | 3 | | serve for 2 years, 2 members to serve for 3 years,
and 3 | 4 | | members to serve for 4 years. Any person appointed to fill a | 5 | | vacancy on
the panel shall be appointed in a like manner and | 6 | | shall serve for only the
unexpired term. Investment advisory | 7 | | panel members shall be eligible for
reappointment
and shall | 8 | | serve until a successor is appointed and confirmed. Panel | 9 | | members
shall serve without compensation but shall be | 10 | | reimbursed for expenses. Before
being installed as a member of | 11 | | the investment advisory panel, each nominee
shall file
verified | 12 | | written statements of economic interest with the Secretary of | 13 | | State as
required by the Illinois Governmental Ethics Act and | 14 | | with the Board of Ethics
as required by Executive Order of the | 15 | | Governor.
| 16 | | The investment advisory panel shall meet at least twice | 17 | | annually. At
least once each
year the Commission Chairman shall | 18 | | designate a time and place at which the
investment advisory | 19 | | panel shall meet publicly with the Illinois Student
Assistance
| 20 | | Commission to discuss issues and concerns relating to the | 21 | | Illinois prepaid
tuition program.
| 22 | | (Source: P.A. 94-793, eff. 5-19-06.)
| 23 | | Section 99. Effective date. This Act takes effect upon | 24 | | becoming law.
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