Full Text of HB0011 102nd General Assembly
HB0011eng 102ND GENERAL ASSEMBLY |
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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 | 9 | | a 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 | 12 | | to public and private entities in the State for the purposes | 13 | | set forth under subsection (b). Special attention shall be | 14 | | given to public and private entities with operating budgets of | 15 | | less than $2,000,000 $1,000,000 that are located within a | 16 | | depressed area, as defined under Section 3 of the Illinois | 17 | | Enterprise Zone Act, and preferences for recommending grants | 18 | | to the State Treasurer may be given to these entities by the | 19 | | Committee. Moneys received for the purposes of this Section, | 20 | | including, without limitation, fees collected under subsection | 21 | | (m) of Section 115.10 of the General Not For Profit | 22 | | Corporation Act of 1986 and appropriations, gifts, grants, and | 23 | | awards from any public or private entity, must be deposited |
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| 1 | | into the Fund. Any interest earnings that are attributable to | 2 | | moneys in the Fund 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 | 8 | | purposes 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 | 14 | | budget of the Fund may not exceed $4,000,000 in any fiscal | 15 | | year; | 16 | | (2) 50% must be available for the purposes set forth | 17 | | under subsection (b); and | 18 | | (3) 30% must be invested for the purpose of earning | 19 | | interest or other investment income. | 20 | | (d) (Blank). As soon as practical after the effective date | 21 | | of this Act, the State Treasurer must transfer the amount of | 22 | | $1,000,000 from the General Revenue Fund to the Charitable | 23 | | Trust Stabilization Fund. On the June 30 that occurs in the | 24 | | third year after the transfer to the Charitable Trust | 25 | | Stabilization Fund, the Treasurer must transfer the amount of | 26 | | $1,000,000 from the Charitable Trust Stabilization Fund to the |
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| 1 | | General Revenue Fund. If, on that date, less than $1,000,000 | 2 | | is available for transfer, then the Treasurer must transfer | 3 | | the remaining balance of the Charitable Trust Stabilization | 4 | | Fund to the General Revenue Fund, and on each June 30 | 5 | | thereafter must transfer any balance in the Charitable Trust | 6 | | Stabilization Fund to the General Revenue Fund until the | 7 | | aggregate amount of $1,000,000 has been transferred.
| 8 | | (Source: P.A. 97-274, eff. 8-8-11.)
| 9 | | Section 99. Effective date. This Act takes effect upon | 10 | | becoming law.
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