Full Text of HB1515 96th General Assembly
HB1515eng 96TH GENERAL ASSEMBLY |
| | HB1515 Engrossed | | LRB096 04926 RCE 14992 b |
|
| 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 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 | 9 | | special fund in the State treasury. From appropriations from | 10 | | the Fund, the Charitable Trust Stabilization Committee shall | 11 | | make grants and loans to public and private entities in the | 12 | | State for the purposes set forth under subsection (b). Special | 13 | | attention shall be given to public and private entities with | 14 | | operating budgets of less than $1,000,000, and preference for | 15 | | grants or loans may be given to these entities by the | 16 | | Committee. Moneys received for the purposes of this Section, | 17 | | including, without limitation, fees collected under subsection | 18 | | (m) of Section 115.10 of the General Not For Profit Corporation | 19 | | Act of 1986 and appropriations, gifts, grants, and awards from | 20 | | any public or private entity, must be deposited into the Fund. | 21 | | Any interest earnings that are attributable to moneys in the | 22 | | Fund must be deposited into the Fund. | 23 | | (b) Moneys in the Fund may be used only for the following |
| | | HB1515 Engrossed | - 2 - | LRB096 04926 RCE 14992 b |
|
| 1 | | purposes: | 2 | | (1) short-term, low-interest loans to participating | 3 | | organizations that experience temporary cash-flow | 4 | | shortages; | 5 | | (2) business loans to participating organizations for | 6 | | the purpose of expanding their capacity or operations; | 7 | | (3) grants for the start-up or operational purposes of | 8 | | participating organizations; and | 9 | | (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 and Committee for the next fiscal year, but the | 14 | | operating budget of the Fund and Committee may not exceed | 15 | | $4,000,000 in any fiscal 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) As soon as practical after the effective date of this | 21 | | Act, the State Treasurer must transfer the amount of $1,000,000 | 22 | | from the General Revenue Fund to the Charitable Trust | 23 | | Stabilization Fund. On the June 30 that occurs in the third | 24 | | year after the transfer to the Charitable Trust Stabilization | 25 | | Fund, the Treasurer must transfer the amount of $1,000,000 from | 26 | | the Charitable Trust Stabilization Fund to the General Revenue |
| | | HB1515 Engrossed | - 3 - | LRB096 04926 RCE 14992 b |
|
| 1 | | Fund. If, on that date, less than $1,000,000 is available for | 2 | | transfer, then the Treasurer must transfer the remaining | 3 | | balance of the Charitable Trust Stabilization Fund to the | 4 | | General Revenue Fund, and on each June 30 thereafter must | 5 | | transfer any balance in the Charitable Trust Stabilization Fund | 6 | | to the General Revenue Fund until the aggregate amount of | 7 | | $1,000,000 has been transferred.
| 8 | | (Source: P.A. 95-655, eff. 6-1-08 .) | 9 | | (30 ILCS 790/10)
| 10 | | Sec. 10. The Charitable Trust Stabilization Committee. | 11 | | (a) The Charitable Trust Stabilization Committee is | 12 | | created. The Committee consists of the following members: | 13 | | (1) the Attorney General or his or her designee, who | 14 | | shall serve as co-chair of the Committee; | 15 | | (2) the State Treasurer or his or her designee, who | 16 | | shall serve as co-chair of the Committee; | 17 | | (3) the Lieutenant Governor or his or her designee; | 18 | | (4) the Director of Commerce and Economic Opportunity | 19 | | or his or her designee; | 20 | | (5) the chief executive officer of the Division of | 21 | | Financial Institutions in the Department of Financial and | 22 | | Professional Regulations or his or her designee; and | 23 | | (6) six private citizens, who shall serve a term of 6 | 24 | | years, appointed by the State Treasurer with advice and | 25 | | consent of the Senate. |
| | | HB1515 Engrossed | - 4 - | LRB096 04926 RCE 14992 b |
|
| 1 | | (b) The Committee shall adopt rules, including procedures | 2 | | and criteria for grant awards; it must meet at least once each
| 3 | | calendar
quarter; and it may establish committees and officers | 4 | | as it deems necessary.
For purposes of Committee meetings, a | 5 | | quorum is a majority of the members.
Meetings of the Committee | 6 | | are subject to the Open Meetings Act.
The Committee must afford | 7 | | an opportunity for public comment at each of its meetings. | 8 | | (c) Committee members shall serve without compensation, | 9 | | but may be
reimbursed
for their reasonable travel expenses from | 10 | | funds available for that purpose. The
Department of Commerce | 11 | | and Economic Opportunity shall, subject to appropriation, | 12 | | provide staff and
administrative support services to the | 13 | | Committee. | 14 | | (d) The Committee shall administer the Charitable Trust | 15 | | Stabilization Fund. The Committee may employ the services of a | 16 | | director or other staff as it deems appropriate in furtherance | 17 | | of this Act and in compliance with Section 5(c) of this Act. | 18 | | The Committee may enter into contracts in furtherance of its | 19 | | mission . The director must have extensive experience in | 20 | | building and funding not-for-profit ventures. The director | 21 | | must: | 22 | | (1) develop and implement an annual work plan based on | 23 | | the goals set forth by the Committee; | 24 | | (2) attend the Committee meetings and provide reports | 25 | | of the progress on the annual work plan; | 26 | | (3) develop and maintain a database of all |
| | | HB1515 Engrossed | - 5 - | LRB096 04926 RCE 14992 b |
|
| 1 | | organizations that have elected to participate under this | 2 | | Act; and | 3 | | (4) publicize the Charitable Trust Stabilization Fund | 4 | | to eligible organizations. | 5 | | The Committee may transfer all or a portion of the balance | 6 | | of the Fund to a third-party administrator to fulfill the | 7 | | mission of the Committee and the purposes of the Fund in | 8 | | accordance with this Act and in compliance with Section 5(c) of | 9 | | this Act.
| 10 | | (Source: P.A. 95-655, eff. 6-1-08 .)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.
|
|