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90_SB0589
15 ILCS 505/17 from Ch. 130, par. 17
Amends the State Treasurer Act. Provides that for
purposes of the provisions concerning the Public Treasurers'
Investment Pool, "public agency" includes any not-for-profit
organization exempt from federal income taxation under
Section 501(c)(3) of the Internal Revenue Code of 1986 that
conducts business with and receives payments from the State,
and "public funds" include any funds paid directly to such an
organization by the State. Effective January 1, 1998.
LRB9002244KDpk
LRB9002244KDpk
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 deems necessary for the efficient administration of the
9 Public Treasurers' Investment Pool, including specification
10 of minimum amounts which may be deposited in the Pool and
11 minimum periods of time for which deposits shall be retained
12 in the Pool. The rules shall provide for the administration
13 expenses of the Pool to be paid from its earnings and for the
14 interest earnings in excess of such expenses to be credited
15 or paid monthly to the several custodians of public funds
16 participating in the Pool in a manner which equitably
17 reflects the differing amounts of their respective
18 investments in the Pool and the differing periods of time for
19 which such amounts were in the custody of the Pool.
20 Upon creating a Public Treasurers' Investment Pool the
21 State Treasurer shall give bond with 2 or more sufficient
22 sureties, payable to custodians of public funds who
23 participate in the Pool for the benefit of the public
24 agencies whose funds are paid into the Pool for investment,
25 in the penal sum of $150,000, conditioned for the faithful
26 discharge of his duties in relation to the Public Treasurers'
27 Investment Pool.
28 "Public funds" and "public agency", as used in this
29 Section have the meanings ascribed to them in Section 1 of
30 the Public Funds Investment Act. In addition, as used in
31 this Section, the term "public agency" includes any
32 not-for-profit organization exempt from federal income
33 taxation under Section 501(c)(3) of the Internal Revenue Code
34 of 1986 that conducts business with and receives payments
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1 from the State of Illinois, and the term "public funds"
2 includes any funds paid directly to such an organization by
3 the State of Illinois. "An Act relating to certain
4 investments of public funds by public agencies", approved
5 July 23, 1943, as amended.
6 This amendatory Act of 1975 is not a limit on any home
7 rule unit.
8 (Source: P.A. 89-350, eff. 8-17-95.)
9 Section 99. Effective date. This Act takes effect
10 January 1, 1998.