Full Text of SB1262 97th General Assembly
SB1262 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB1262 Introduced 2/8/2011, by Sen. Christine Radogno SYNOPSIS AS INTRODUCED: |
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15 ILCS 505/17 | from Ch. 130, par. 17 |
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Amends the State Treasurer Act. Makes a technical change in a Section concerning the Public Treasurers' Investment Pool.
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| | A BILL FOR |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The State Treasurer Act is amended by changing | 5 | | Section 17 as follows:
| 6 | | (15 ILCS 505/17) (from Ch. 130, par. 17)
| 7 | | Sec. 17.
The The State Treasurer may establish and | 8 | | administer a Public
Treasurers'
Investment Pool to supplement
| 9 | | and enhance the investment opportunities otherwise available | 10 | | to other
custodians
of public funds for public agencies
in this | 11 | | State.
| 12 | | The Treasurer, in administering the Public Treasurers' | 13 | | Investment Pool,
may receive public
funds paid into the pool by | 14 | | any other custodian of such funds and may serve
as the fiscal | 15 | | agent of
that custodian of public funds for the purpose of | 16 | | holding and investing those
funds.
| 17 | | The Treasurer may invest the public funds constituting the | 18 | | Public Treasurers'
Investment
Pool in the same manner, in the | 19 | | same types of investments and subject to
the same limitations
| 20 | | provided for the investment of funds in the State Treasury. The | 21 | | Treasurer
shall develop, publish, and implement an investment | 22 | | policy covering the
management of funds in the Public | 23 | | Treasurers' Investment Pool. The policy
shall be published at |
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| 1 | | least once each year in at least one newspaper of general
| 2 | | circulation in both Springfield and Chicago, and each year as | 3 | | part of the audit
of the Public Treasurers' Investment Pool by | 4 | | the Auditor General, which shall
be distributed to all | 5 | | participants. The Treasurer shall notify all Public
| 6 | | Treasurers' Investment Pool participants in writing, and the | 7 | | Treasurer shall
publish in at least one newspaper of general | 8 | | circulation in both Springfield
and Chicago any changes to a | 9 | | previously published investment policy at least 30
calendar | 10 | | days before implementing the policy. Any such investment policy
| 11 | | adopted by the Treasurer shall be reviewed, and updated if | 12 | | necessary, within 90
days following the installation of a new | 13 | | Treasurer.
| 14 | | The Treasurer shall promulgate such rules and regulations | 15 | | as he deems
necessary
for the efficient
administration of the | 16 | | Public Treasurers' Investment Pool, including
specification
of | 17 | | minimum amounts
which may be deposited in the Pool and minimum | 18 | | periods of time for which
deposits
shall be retained in the | 19 | | Pool. The rules shall provide for the administration
expenses | 20 | | of the Pool to be
paid from its earnings and for the interest | 21 | | earnings in excess of such expenses
to be credited or
paid | 22 | | monthly to the several custodians of public funds participating | 23 | | in
the Pool in a manner which equitably
reflects the differing | 24 | | amounts of their respective investments in the Pool and
the
| 25 | | differing periods of time for which such amounts were in the | 26 | | custody of the
Pool.
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| 1 | | Upon creating a Public Treasurers' Investment Pool the | 2 | | State Treasurer shall
give bond with 2 or more sufficient | 3 | | sureties, payable to custodians of public
funds who participate
| 4 | | in the Pool for the benefit of the public agencies whose funds | 5 | | are paid
into the Pool for investment,
in the penal sum of | 6 | | $150,000, conditioned for the faithful discharge of
his duties | 7 | | in relation to the
Public Treasurers' Investment Pool.
| 8 | | "Public funds" and "public agency", as used in this Section | 9 | | have the meanings ascribed
to them in Section 1 of "An Act | 10 | | relating to certain investments of public
funds by public
| 11 | | agencies", approved July 23, 1943, as amended.
| 12 | | This amendatory Act of 1975 is not a limit on any home rule | 13 | | unit.
| 14 | | (Source: P.A. 89-350, eff. 8-17-95.)
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