State of Illinois
90th General Assembly

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HJR0008 Engrossed                              LRB9002586CBcb
 1                      HOUSE JOINT RESOLUTION 8
 2        WHEREAS, The maintenance  of  the  public  trust  is  the
 3    responsibility of all government officials; and
 4        WHEREAS,  The  safety  of  public  funds  is  the primary
 5    responsibility of all custodians of public funds; and
 6        WHEREAS, Taxpayers have a right to expect that all public
 7    funds are invested in a safe and secure manner; and
 8        WHEREAS, Recent events across the country  involving  the
 9    management   of  public  funds  have  resulted  not  only  in
10    financial losses  but  also  in  a  general  loss  of  public
11    confidence; and
12        WHEREAS,  It  is  in  the  best  interest of all Illinois
13    custodians of public funds to review current  investment  law
14    and make changes where appropriate; and
15        WHEREAS,  It  is the responsibility of all public finance
16    officers to establish a  framework  for  the  restoration  of
17    public   confidence   in   those  who  invest  public  money;
18    therefore, be it
21    SENATE CONCURRING HEREIN, that a Public Investor  Task  Force
22    be  established  and  charged  with  reviewing  pertinent law
23    governing  the   investment   of   Illinois   public   funds,
24    specifically  studying  the  establishment of a clearinghouse
25    within the State Treasurer's office for information  relating
26    to  the  investment of public funds at all levels of Illinois
27    government, the establishment of standards for  all  Illinois
28    custodians  of  public  funds at all levels of government and
29    any other issues relevant to the management of  public  funds
30    by those charged with that responsibility; and be it further
HJR0008 Engrossed            -2-               LRB9002586CBcb
 1        RESOLVED,  That  the  Task Force shall be composed of the
 2    State Treasurer, who shall serve as Chair; one representative
 3    each appointed by the Speaker of the House of Representatives
 4    and the Minority Leader of the House of Representatives;  one
 5    senator each appointed by the President of the Senate and the
 6    Minority  Leader  of  the  Senate;  a practicing fund manager
 7    appointed by the State Treasurer;  a  representative  of  the
 8    broker/dealer  community  appointed by the State Treasurer; a
 9    representative of the Illinois  Government  Finance  Officers
10    Association;  a  representative  of  the  Illinois  Municipal
11    Treasurers  Association;  a  representative  of  the Illinois
12    County  Treasurers  Association;  a  representative  of   the
13    Illinois   Bankers   Association;  a  representative  of  the
14    Community Bankers Association of Illinois;  a  representative
15    of  the Illinois Credit Union League; a representative of the
16    Illinois League of Savings  Institutions;  and  one  at-large
17    member appointed by the State Treasurer; and be it further
18        RESOLVED,  That  the  Treasurer  shall convene the Public
19    Investor Task Force within 30 days following adoption of this
20    resolution; and be it further
21        RESOLVED, That the members of the  Public  Investor  Task
22    Force  shall  serve  without  compensation  but,  the General
23    Assembly members of the  Task  Force  shall  be  entitled  to
24    reimbursement  for  actual and necessary expenses incurred in
25    the performance of their duties; and be it further
26        RESOLVED,  That  a  report  and   suggested   legislative
27    initiatives  of  the  Public  Investor  Task  Force  shall be
28    submitted to the Illinois General Assembly  by  December  31,
29    1997.

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