Illinois General Assembly - Full Text of Public Act 099-0793

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Public Act 099-0793

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Public Act 0793 99TH GENERAL ASSEMBLY

Public Act 099-0793

SB2820 Enrolled LRB099 19813 RPS 44212 b

    AN ACT concerning public employee benefits.

    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:

    Section 5. The Illinois Pension Code is amended by changing
Section 6-179 and by adding Sections 6-183.1 and 6-191.1 as
follows:

    (40 ILCS 5/6-179)  (from Ch. 108 1/2, par. 6-179)
    Sec. 6-179. Board's powers and duties. The board shall have
the powers and duties stated in Section 6-180 to 6-191.1~~6-191~~,
inclusive, in addition to the other powers and duties provided
in this Article.
(Source: Laws 1963, p. 161.)

    (40 ILCS 5/6-183.1 new)
    Sec. 6-183.1. To lend securities. The board may lend
securities owned by the Fund to a borrower upon such terms and
conditions as may be mutually agreed in writing. Such agreement
shall provide that during the period of such loan the Fund
shall retain the right to receive, or collect from the
borrower, all dividends, interest rights, or any distributions
to which the Fund would have otherwise been entitled. The
borrower shall deposit with the Fund, as collateral for such
loan, cash equal to the market value of the securities at the
time the loan is made and shall increase the amount of
collateral if and when the Fund requests an additional amount
because of subsequent increased market value of the securities.
    The period for which the securities may be loaned shall not
exceed one year, and the loan agreement may specify earlier
termination by either party upon mutually agreed conditions.

    (40 ILCS 5/6-191.1 new)
    Sec. 6-191.1. To reproduce records. To have any records
kept by the board photographed, microfilmed, or digitally or
electronically reproduced in accordance with the Local Records
Act. The photographs, microfilm, and digital and electronic
reproductions shall be deemed original records and documents
for all purposes, including introduction in evidence before all
courts and administrative agencies.

    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/12/2016

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