92nd General Assembly
Summary of HB0173
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House Sponsors:
BRUNSVOLD-NOVAK-BLACK.

Senate Sponsors:
CULLERTON-WATSON

Short description: 
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      
   bill.                                                                       
        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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


   END OF INQUIRY 



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