IL CONSERVATION FOUNDTN-INVEST
Synopsis of Bill as introduced:
Amends the Illinois Conservation Foundation Act. Provides that
private funds collected by the Illinois Conservation Foundation are
not subject to the Public Funds Investment Act and that Foundation
procurement is exempt from the Illinois Procurement Code when private
funds are used for procurement expenditures. Amends the Public Funds
Investment Act. Provides that the Act does not apply to private funds
collected by the Illinois Conservation Foundation. Amends the
Illinois Procurement Code. Provides that the Code does not apply to
procurement expenditures by the Illinois Conservation Foundation when
only private funds are used. Removes the limitation that the
assistance given to the Foundation by personnel of the Department of
Natural Resources must be on matters falling within the scope and
function of the Department. Amends the Illinois Insurance Code.
Provides that the Illinois Conservation Foundation is authorized to
engage in charitable gift annuities transactions if it has an
unrestricted fund balance of not less than $300,000 on the date the
annuity is issued. Effective immediately.
FISCAL NOTE (Department of Natural Resources)
HB 173 will not cause an increase or decrease in State revenues
or an expenditure of State funds.
HOUSE AMENDMENT NO. 1.
Deletes reference to:
215 ILCS 5/121-2.10
Adds reference to:
20 ILCS 880/20 new
Further amends the Illinois Conservation Foundation Act.
Provides that the Illinois Conservation Foundation must provide a
written notice to any entity providing a gift, grant, or bequest to
the Foundation that the Foundation is not subject to the provisions of
the Public Funds Investment Act which Act places limitations on the
types of securities in which a public agency may invest public funds.
Removes the provisions amending the Illinois Insurance Code from the
SENATE AMENDMENT NO. 1.
In the Illinois Conservation Foundation Act, provides that funds
collected by the Foundation from public entities shall not be
considered private funds. Further provides that Foundation
procurement is exempt from the Illinois Procurement Code when "only"
private funds are used.
Last action on Bill: PUBLIC ACT.............................. 92-0797
Last action date: AUG-15-2002
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status