30 ILCS 160/ Public Use Trust Act.

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FINANCE
(30 ILCS 160/) Public Use Trust Act.

30 ILCS 160/1

(30 ILCS 160/1) (from Ch. 127, par. 4001)

Sec. 1.

This Act may be cited as the Public Use Trust Act.

(Source: P.A. 87-550.)

30 ILCS 160/2

(30 ILCS 160/2) (from Ch. 127, par. 4002)

Sec. 2.

(a) The Department of Agriculture, the Department of Natural
Resources, and the Abraham Lincoln Presidential Library and Museum have the
power to enter into a trust agreement with a person or group of persons under
which the State agency may receive or collect money or other property from the
person or group of persons and may expend such money or property solely for a
public purpose within the powers and duties of that State agency and stated in
the trust agreement.  The State agency shall be the trustee under any such
trust agreement.

(b) Money or property received under a trust agreement shall not be
deposited in the State treasury and is not subject to appropriation by the
General Assembly, but shall be held and invested by the trustee separate
and apart from the State treasury.  The trustee shall invest money or
property received under a trust agreement as provided for trustees under
the Illinois Trust Code or as otherwise provided in the trust agreement.

(c) The trustee shall maintain detailed records of all receipts and
disbursements in the same manner as required for trustees under the Illinois Trust Code.  The trustee shall provide an annual accounting of all
receipts, disbursements, and inventory to all donors to the trust and the
Auditor General.  The annual accounting shall be made available to any
member of the public upon request.

(Source: P.A. 101-48, eff. 1-1-20; 101-636, eff. 6-10-20; 102-558, eff. 8-20-21.)

30 ILCS 160/3

(30 ILCS 160/3) (from Ch. 127, par. 4003)

Sec. 3.

The Auditor General shall audit every trust created under
this Act from time to time as deemed necessary by the Auditor General. The
State Comptroller shall prescribe any rules or guidelines deemed necessary
for the administration, regulation, or operation of these trusts.

(Source: P.A. 87-550.)

30 ILCS 160/4

(30 ILCS 160/4) (from Ch. 127, par. 4004)

Sec. 4.

If a State agency listed in Section 2, as trustee, violates
its fiduciary duty under the trust agreement, any person who is a party to
the trust agreement may bring suit in circuit court to enforce the terms
of the trust.

(Source: P.A. 87-550.)