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90_HB1416
15 ILCS 505/17 from Ch. 130, par. 17
Amends the State Treasurer Act. Makes provisions in the
Section concerning the Public Treasurers' Investment Pool
gender neutral.
LRB9004712KDks
LRB9004712KDks
1 AN ACT to amend the State Treasurer Act by changing
2 Section 17.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The State Treasurer Act is amended by
6 changing Section 17 as follows:
7 (15 ILCS 505/17) (from Ch. 130, par. 17)
8 Sec. 17. The State Treasurer may establish and
9 administer a Public Treasurers' Investment Pool to supplement
10 and enhance the investment opportunities otherwise available
11 to other custodians of public funds for public agencies in
12 this State.
13 The Treasurer, in administering the Public Treasurers'
14 Investment Pool, may receive public funds paid into the pool
15 by any other custodian of such funds and may serve as the
16 fiscal agent of that custodian of public funds for the
17 purpose of holding and investing those funds.
18 The Treasurer may invest the public funds constituting
19 the Public Treasurers' Investment Pool in the same manner, in
20 the same types of investments and subject to the same
21 limitations provided for the investment of funds in the State
22 Treasury. The Treasurer shall develop, publish, and
23 implement an investment policy covering the management of
24 funds in the Public Treasurers' Investment Pool. The policy
25 shall be published at least once each year in at least one
26 newspaper of general circulation in both Springfield and
27 Chicago, and each year as part of the audit of the Public
28 Treasurers' Investment Pool by the Auditor General, which
29 shall be distributed to all participants. The Treasurer
30 shall notify all Public Treasurers' Investment Pool
31 participants in writing, and the Treasurer shall publish in
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1 at least one newspaper of general circulation in both
2 Springfield and Chicago any changes to a previously published
3 investment policy at least 30 calendar days before
4 implementing the policy. Any such investment policy adopted
5 by the Treasurer shall be reviewed, and updated if necessary,
6 within 90 days following the installation of a new Treasurer.
7 The Treasurer shall promulgate such rules and regulations
8 as he or she deems necessary for the efficient administration
9 of the Public Treasurers' Investment Pool, including
10 specification of minimum amounts which may be deposited in
11 the Pool and minimum periods of time for which deposits shall
12 be retained in the Pool. The rules shall provide for the
13 administration expenses of the Pool to be paid from its
14 earnings and for the interest earnings in excess of such
15 expenses to be credited or paid monthly to the several
16 custodians of public funds participating in the Pool in a
17 manner which equitably reflects the differing amounts of
18 their respective investments in the Pool and the differing
19 periods of time for which such amounts were in the custody of
20 the Pool.
21 Upon creating a Public Treasurers' Investment Pool the
22 State Treasurer shall give bond with 2 or more sufficient
23 sureties, payable to custodians of public funds who
24 participate in the Pool for the benefit of the public
25 agencies whose funds are paid into the Pool for investment,
26 in the penal sum of $150,000, conditioned for the faithful
27 discharge of his or her duties in relation to the Public
28 Treasurers' Investment Pool.
29 "Public funds" and "public agency", as used in this
30 Section have the meanings ascribed to them in Section 1 of
31 "An Act relating to certain investments of public funds by
32 public agencies", approved July 23, 1943, as amended.
33 This amendatory Act of 1975 is not a limit on any home
34 rule unit.
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1 (Source: P.A. 89-350, eff. 8-17-95.)