Full Text of SB3729 96th General Assembly
SB3729 96TH GENERAL ASSEMBLY
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 SB3729
Introduced 2/11/2010, by Sen. Michael W. Frerichs SYNOPSIS AS INTRODUCED: |
|
15 ILCS 505/17 |
from Ch. 130, par. 17 |
|
Amends the State Treasurer Act. Includes within the definition of a "public agency" that may participate in the Public Treasurers' Investment Pool (i) a public agency's non-profit, tax-exempt organization established to invest and manage public funds and further the agency's mission and (ii) an association established by one or more public agencies to invest and manage public funds and further the mission of its founders. Effective immediately.
|
| |
|
|
A BILL FOR
|
|
|
|
|
SB3729 |
|
LRB096 18295 JAM 33670 b |
|
| 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 State Treasurer may establish and administer a | 8 |
| Public
Treasurers'
Investment Pool to supplement
and enhance | 9 |
| the investment opportunities otherwise available to other
| 10 |
| custodians
of public funds for public agencies
in this State.
| 11 |
| The Treasurer, in administering the Public Treasurers' | 12 |
| Investment Pool,
may receive public
funds paid into the pool by | 13 |
| any other custodian of such funds and may serve
as the fiscal | 14 |
| agent of
that custodian of public funds for the purpose of | 15 |
| holding and investing those
funds.
| 16 |
| The Treasurer may invest the public funds constituting the | 17 |
| Public Treasurers'
Investment
Pool in the same manner, in the | 18 |
| same types of investments and subject to
the same limitations
| 19 |
| provided for the investment of funds in the State Treasury. The | 20 |
| Treasurer
shall develop, publish, and implement an investment | 21 |
| policy covering the
management of funds in the Public | 22 |
| Treasurers' Investment Pool. The policy
shall be published at | 23 |
| least once each year in at least one newspaper of general
|
|
|
|
SB3729 |
- 2 - |
LRB096 18295 JAM 33670 b |
|
| 1 |
| circulation in both Springfield and Chicago, and each year as | 2 |
| part of the audit
of the Public Treasurers' Investment Pool by | 3 |
| 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, including
specification
of | 16 |
| minimum amounts
which may be deposited in the Pool and minimum | 17 |
| periods of time for which
deposits
shall be retained in the | 18 |
| Pool. The rules shall provide for the administration
expenses | 19 |
| of the Pool to be
paid from its earnings and for the interest | 20 |
| earnings in excess of such expenses
to be credited or
paid | 21 |
| monthly to the several custodians of public funds participating | 22 |
| in
the Pool in a manner which equitably
reflects the differing | 23 |
| amounts of their respective investments in the Pool and
the
| 24 |
| differing periods of time for which such amounts were in the | 25 |
| custody of the
Pool.
| 26 |
| Upon creating a Public Treasurers' Investment Pool the |
|
|
|
SB3729 |
- 3 - |
LRB096 18295 JAM 33670 b |
|
| 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 or her | 6 |
| duties 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 the Public | 9 |
| Funds Investment Act. For the purposes of this Section only, | 10 |
| the term "public agency" also includes (i) any non-profit | 11 |
| organization exempt from federal income taxation under Section | 12 |
| 501(c)(3) of the Internal Revenue Code of 1986 that is created | 13 |
| by a public agency to invest and manage public funds and | 14 |
| further the mission of that agency and (ii) associations of | 15 |
| public agencies created to invest and manage public funds and | 16 |
| further the mission of the public agency or agencies that | 17 |
| established the association "An Act relating to certain | 18 |
| investments of public
funds by public
agencies", approved July | 19 |
| 23, 1943, as amended .
| 20 |
| This amendatory Act of 1975 is not a limit on any home rule | 21 |
| unit.
| 22 |
| (Source: P.A. 89-350, eff. 8-17-95.)
| 23 |
| Section 99. Effective date. This Act takes effect upon | 24 |
| becoming law.
|
|