Full Text of HB4616 101st General Assembly
HB4616 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 HB4616 Introduced 2/5/2020, by Rep. Debbie Meyers-Martin SYNOPSIS AS INTRODUCED: |
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Amends the Charitable Trust Stabilization Act. Provides that special attention shall be given to public and private entities with operating budgets of less than $2,000,000 (currently, $1,000,000) that are located within a depressed area. Provides that moneys in the Charitable Trust Stabilization Fund may be used for grants for operational purpose of organizations participating under the Act (currently, grants for the start-up or operational purposes of participating organizations). Removes a provision requiring the transfer of moneys to and from the Charitable Trust Stabilization Fund. Makes conforming changes. Effective immediately.
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| | A BILL FOR |
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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 Charitable Trust Stabilization Act is | 5 | | amended by changing Section 5 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 | 9 | | special fund in the State treasury. From appropriations from | 10 | | the Fund, upon recommendation from the Charitable Trust | 11 | | Stabilization Committee, the State Treasurer may make grants to | 12 | | public and private entities in the State for the purposes set | 13 | | forth under subsection (b). Special attention shall be given to | 14 | | public and private entities with operating budgets of less than | 15 | | $2,000,000 $1,000,000 that are located within a depressed area, | 16 | | as defined under Section 3 of the Illinois Enterprise Zone Act, | 17 | | and preferences for recommending grants to the State Treasurer | 18 | | may be given to these entities by the Committee. Moneys | 19 | | received for the purposes of this Section, including, without | 20 | | limitation, fees collected under subsection (m) of Section | 21 | | 115.10 of the General Not For Profit Corporation Act of 1986 | 22 | | and appropriations, gifts, grants, and awards from any public | 23 | | or private entity, must be deposited into the Fund. Any |
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| 1 | | interest earnings that are attributable to moneys in the Fund | 2 | | must be deposited into the Fund. | 3 | | (b) Moneys in the Fund may be used only for the following | 4 | | purposes: | 5 | | (1) (blank); | 6 | | (2) (blank); | 7 | | (1) (3) grants for the start-up or operational purposes | 8 | | of participating organizations; and | 9 | | (2) (4) the administration of the Fund and this Act. | 10 | | (c) Moneys in the Fund must be allocated as follows: | 11 | | (1) 20% of the amount deposited into the Fund in the | 12 | | fiscal year must be set aside for the operating budget of | 13 | | the Fund for the next fiscal year, but the operating budget | 14 | | of the Fund may not exceed $4,000,000 in any fiscal year; | 15 | | (2) 50% must be available for the purposes set forth | 16 | | under subsection (b); and | 17 | | (3) 30% must be invested for the purpose of earning | 18 | | interest or other investment income. | 19 | | (d) (Blank). As soon as practical after the effective date | 20 | | of this Act, the State Treasurer must transfer the amount of | 21 | | $1,000,000 from the General Revenue Fund to the Charitable | 22 | | Trust Stabilization Fund. On the June 30 that occurs in the | 23 | | third year after the transfer to the Charitable Trust | 24 | | Stabilization Fund, the Treasurer must transfer the amount of | 25 | | $1,000,000 from the Charitable Trust Stabilization Fund to the | 26 | | General Revenue Fund. If, on that date, less than $1,000,000 is |
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| 1 | | available for transfer, then the Treasurer must transfer the | 2 | | remaining balance of the Charitable Trust Stabilization Fund to | 3 | | the General Revenue Fund, and on each June 30 thereafter must | 4 | | transfer any balance in the Charitable Trust Stabilization Fund | 5 | | to the General Revenue Fund until the aggregate amount of | 6 | | $1,000,000 has been transferred.
| 7 | | (Source: P.A. 97-274, eff. 8-8-11.)
| 8 | | Section 99. Effective date. This Act takes effect upon | 9 | | becoming law.
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