SB0246 EngrossedLRB104 08227 SPS 18277 b SB0246 Engrossed LRB104 08227 SPS 18277 b
SB0246 Engrossed LRB104 08227 SPS 18277 b
1 AN ACT concerning State government.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Treasurer Act is amended by adding
5 Section 17.2 as follows:
6 (15 ILCS 505/17.2 new)
7 Sec. 17.2. Non-profit investment pool.
8 (a) The State Treasurer may establish and administer a
9 non-profit investment pool and an electronic payment
10 processing program to supplement and enhance investment
11 opportunities and secure electronic payment options otherwise
12 available to not-for-profit corporations in this State.
13 (b) The Treasurer may receive funds paid into the
14 non-profit investment pool by a not-for-profit corporation
15 that is exempt from taxation under Section 501(c)(3) or
16 501(c)(5) of the Internal Revenue Code for the purpose of
17 holding and investing those funds. In order to be eligible to
18 participate in the non-profit investment pool, the
19 not-for-profit corporation shall provide the Treasurer with a
20 copy of the most recent audited financial statement or
21 charitable organization annual report filed with the Attorney
22 General.
23 (c) The Treasurer may invest the funds constituting the
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1 non-profit investment pool in the same manner, in the same
2 types of investments, and subject to the same limitations
3 provided for the investment of funds in the State Treasury.
4 The Treasurer shall develop, publish, and implement an
5 investment policy covering the management of funds in the
6 non-profit investment pool. The policy shall be published each
7 year as part of the audit of the non-profit investment pool by
8 the Auditor General, which shall be distributed to all
9 participants. The Treasurer shall notify all non-profit
10 investment pool participants in writing, and the Treasurer
11 shall publish in at least one newspaper of general circulation
12 in both Springfield and Chicago any changes to a previously
13 published investment policy at least 30 calendar days before
14 implementing the policy. Any investment policy adopted by the
15 Treasurer shall be reviewed, and updated if necessary, within
16 90 days after the installation of a new Treasurer.
17 (d) The Treasurer shall adopt rules for the efficient
18 administration of the non-profit investment pool, including
19 the minimum amounts that may be deposited in the non-profit
20 investment pool and the minimum period of time that deposits
21 shall be retained in the non-profit investment pool. The rules
22 shall provide for the administrative expenses of the
23 non-profit investment pool to be paid from its earnings and
24 for the interest earnings in excess of such expenses to be
25 credited or paid monthly to the not-for-profit corporations
26 participating in the non-profit investment pool in a manner
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1 which equitably reflects the differing amounts of their
2 respective investments in the non-profit investment pool and
3 the differing periods of time for which the amounts were in the
4 custody of the non-profit investment pool.
5 (e) Upon creating a non-profit investment pool, the State
6 Treasurer shall give bond with 2 or more sufficient sureties,
7 payable to not-for-profit corporations that participate in the
8 non-profit investment pool for the benefit of the
9 not-for-profit corporations that have funds that are paid into
10 the non-profit investment pool for investment, in the penal
11 sum of $150,000, conditioned for the faithful discharge of the
12 State Treasurer's duties in relation to the non-profit
13 investment pool.
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