Full Text of HB1836 100th General Assembly
HB1836 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB1836 Introduced , by Rep. Jim Durkin SYNOPSIS AS INTRODUCED: |
| 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 both a Public
Treasurers'
Investment Pool and an | 9 | | E-Pay program to supplement
and enhance both the investment | 10 | | opportunities and the secure electronic payment options | 11 | | otherwise available to other
custodians
of public funds for | 12 | | public agencies
in this State.
| 13 | | The Treasurer, in administering the Public Treasurers' | 14 | | Investment Pool,
may receive public
funds paid into the pool by | 15 | | any other custodian of such funds and may serve
as the fiscal | 16 | | agent of
that custodian of public funds for the purpose of | 17 | | holding and investing those
funds.
| 18 | | The Treasurer may invest the public funds constituting the | 19 | | Public Treasurers'
Investment
Pool in the same manner, in the | 20 | | same types of investments and subject to
the same limitations
| 21 | | provided for the investment of funds in the State Treasury. The | 22 | | Treasurer
shall develop, publish, and implement an investment | 23 | | policy covering the
management of funds in the Public |
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| 1 | | Treasurers' Investment Pool. The policy
shall be published each | 2 | | year as part of the audit
of the Public Treasurers' Investment | 3 | | Pool by the Auditor General, which shall
be distributed to all | 4 | | participants. The Treasurer shall notify all Public
| 5 | | Treasurers' Investment Pool participants in writing, and the | 6 | | Treasurer shall
publish in at least one newspaper of general | 7 | | circulation in both Springfield
and Chicago any changes to a | 8 | | previously published investment policy at least 30
calendar | 9 | | days before implementing the policy. Any such investment policy
| 10 | | adopted by the Treasurer shall be reviewed, and updated if | 11 | | necessary, within 90
days following the installation of a new | 12 | | Treasurer.
| 13 | | The Treasurer shall promulgate such rules and regulations | 14 | | as he deems
necessary
for the efficient
administration of the | 15 | | Public Treasurers' Investment Pool and the E-Pay program, | 16 | | including
specification
of minimum amounts
which may be | 17 | | deposited in the Pool and minimum periods of time for which
| 18 | | deposits
shall be retained in the Pool. The rules shall provide | 19 | | for the administration
expenses of the Pool to be
paid from its | 20 | | earnings and for the interest earnings in excess of such | 21 | | expenses
to be credited or
paid monthly to the several | 22 | | custodians of public funds participating in
the Pool in a | 23 | | manner which equitably
reflects the differing amounts of their | 24 | | respective investments in the Pool and
the
differing periods of | 25 | | time for which such amounts were in the custody of the
Pool.
| 26 | | Upon creating a Public Treasurers' Investment Pool the |
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| 1 | | State Treasurer shall
give bond with 2 or more sufficient | 2 | | sureties, payable to custodians of public
funds who participate
| 3 | | in the Pool for the benefit of the public agencies whose funds | 4 | | are paid
into the Pool for investment,
in the penal sum of | 5 | | $150,000, conditioned for the faithful discharge of
his duties | 6 | | in relation to the
Public Treasurers' Investment Pool.
| 7 | | "Public funds" and "public agency", as used in this Section | 8 | | have the meanings ascribed
to them in Section 1 of "An Act | 9 | | relating to certain investments of public
funds by public
| 10 | | agencies", approved July 23, 1943, as amended.
| 11 | | This amendatory Act of 1975 is not a limit on any home rule | 12 | | unit.
| 13 | | After the effective date of this amendatory Act of the 99th | 14 | | General Assembly, participation in the Public Treasurers' | 15 | | Investment Pool shall not be a prerequisite for participation | 16 | | in the Treasurer's E-Pay program. | 17 | | (Source: P.A. 99-856, eff. 8-19-16.)
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