Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2449 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2449 Introduced 2/7/2025, by Sen. Rachel Ventura SYNOPSIS AS INTRODUCED: 15 ILCS 520/22.5 from Ch. 130, par. 41a Amends the Deposit of State Moneys Act. Removes a provision that allows the State Treasurer to invest or reinvest any State money in bonds, notes, debentures, or other similar obligations of a foreign government that satisfies specified requirements. LRB104 11308 SPS 21394 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2449 Introduced 2/7/2025, by Sen. Rachel Ventura SYNOPSIS AS INTRODUCED: 15 ILCS 520/22.5 from Ch. 130, par. 41a 15 ILCS 520/22.5 from Ch. 130, par. 41a Amends the Deposit of State Moneys Act. Removes a provision that allows the State Treasurer to invest or reinvest any State money in bonds, notes, debentures, or other similar obligations of a foreign government that satisfies specified requirements. LRB104 11308 SPS 21394 b LRB104 11308 SPS 21394 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2449 Introduced 2/7/2025, by Sen. Rachel Ventura SYNOPSIS AS INTRODUCED:
3	3	15 ILCS 520/22.5 from Ch. 130, par. 41a 15 ILCS 520/22.5 from Ch. 130, par. 41a
4	4	15 ILCS 520/22.5 from Ch. 130, par. 41a
5	5	Amends the Deposit of State Moneys Act. Removes a provision that allows the State Treasurer to invest or reinvest any State money in bonds, notes, debentures, or other similar obligations of a foreign government that satisfies specified requirements.
6	6	LRB104 11308 SPS 21394 b LRB104 11308 SPS 21394 b
7	7	LRB104 11308 SPS 21394 b
8	8	A BILL FOR
9	9	SB2449LRB104 11308 SPS 21394 b SB2449 LRB104 11308 SPS 21394 b
10	10	SB2449 LRB104 11308 SPS 21394 b
11	11	1 AN ACT concerning State government.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Deposit of State Moneys Act is amended by
15	15	5 changing Section 22.5 as follows:
16	16	6 (15 ILCS 520/22.5) (from Ch. 130, par. 41a)
17	17	7 (For force and effect of certain provisions, see Section
18	18	8 90 of P.A. 94-79)
19	19	9 Sec. 22.5. Permitted investments. The State Treasurer may
20	20	10 invest and reinvest any State money in the State Treasury
21	21	11 which is not needed for current expenditures due or about to
22	22	12 become due, in obligations of the United States government or
23	23	13 its agencies or of National Mortgage Associations established
24	24	14 by or under the National Housing Act, 12 U.S.C. 1701 et seq.,
25	25	15 or in mortgage participation certificates representing
26	26	16 undivided interests in specified, first-lien conventional
27	27	17 residential Illinois mortgages that are underwritten, insured,
28	28	18 guaranteed, or purchased by the Federal Home Loan Mortgage
29	29	19 Corporation or in Affordable Housing Program Trust Fund Bonds
30	30	20 or Notes as defined in and issued pursuant to the Illinois
31	31	21 Housing Development Act. All such obligations shall be
32	32	22 considered as cash and may be delivered over as cash by a State
33	33	23 Treasurer to his successor.
34	34
35	35
36	36
37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2449 Introduced 2/7/2025, by Sen. Rachel Ventura SYNOPSIS AS INTRODUCED:
38	38	15 ILCS 520/22.5 from Ch. 130, par. 41a 15 ILCS 520/22.5 from Ch. 130, par. 41a
39	39	15 ILCS 520/22.5 from Ch. 130, par. 41a
40	40	Amends the Deposit of State Moneys Act. Removes a provision that allows the State Treasurer to invest or reinvest any State money in bonds, notes, debentures, or other similar obligations of a foreign government that satisfies specified requirements.
41	41	LRB104 11308 SPS 21394 b LRB104 11308 SPS 21394 b
42	42	LRB104 11308 SPS 21394 b
43	43	A BILL FOR
44	44
45	45
46	46
47	47
48	48
49	49	15 ILCS 520/22.5 from Ch. 130, par. 41a
50	50
51	51
52	52
53	53	LRB104 11308 SPS 21394 b
54	54
55	55
56	56
57	57
58	58
59	59
60	60
61	61
62	62
63	63	SB2449 LRB104 11308 SPS 21394 b
64	64
65	65
66	66	SB2449- 2 -LRB104 11308 SPS 21394 b SB2449 - 2 - LRB104 11308 SPS 21394 b
67	67	SB2449 - 2 - LRB104 11308 SPS 21394 b
68	68	1 The State Treasurer may purchase any state bonds with any
69	69	2 money in the State Treasury that has been set aside and held
70	70	3 for the payment of the principal of and interest on the bonds.
71	71	4 The bonds shall be considered as cash and may be delivered over
72	72	5 as cash by the State Treasurer to his successor.
73	73	6 The State Treasurer may invest or reinvest any State money
74	74	7 in the State Treasury that is not needed for current
75	75	8 expenditures due or about to become due, or any money in the
76	76	9 State Treasury that has been set aside and held for the payment
77	77	10 of the principal of and interest on any State bonds, in bonds
78	78	11 issued by counties or municipal corporations of the State of
79	79	12 Illinois.
80	80	13 The State Treasurer may invest or reinvest up to 5% of the
81	81	14 College Savings Pool Administrative Trust Fund, the Illinois
82	82	15 Public Treasurer Investment Pool (IPTIP) Administrative Trust
83	83	16 Fund, and the State Treasurer's Administrative Fund that is
84	84	17 not needed for current expenditures due or about to become
85	85	18 due, in common or preferred stocks of publicly traded
86	86	19 corporations, partnerships, or limited liability companies,
87	87	20 organized in the United States, with assets exceeding
88	88	21 $500,000,000 if: (i) the purchases do not exceed 1% of the
89	89	22 corporation's or the limited liability company's outstanding
90	90	23 common and preferred stock; (ii) no more than 10% of the total
91	91	24 funds are invested in any one publicly traded corporation,
92	92	25 partnership, or limited liability company; and (iii) the
93	93	26 corporation or the limited liability company has not been
94	94
95	95
96	96
97	97
98	98
99	99	SB2449 - 2 - LRB104 11308 SPS 21394 b
100	100
101	101
102	102	SB2449- 3 -LRB104 11308 SPS 21394 b SB2449 - 3 - LRB104 11308 SPS 21394 b
103	103	SB2449 - 3 - LRB104 11308 SPS 21394 b
104	104	1 placed on the list of restricted companies by the Illinois
105	105	2 Investment Policy Board under Section 1-110.16 of the Illinois
106	106	3 Pension Code.
107	107	4 Whenever the total amount of vouchers presented to the
108	108	5 Comptroller under Section 9 of the State Comptroller Act
109	109	6 exceeds the funds available in the General Revenue Fund by
110	110	7 $1,000,000,000 or more, then the State Treasurer may invest
111	111	8 any State money in the State Treasury, other than money in the
112	112	9 General Revenue Fund, Health Insurance Reserve Fund, Attorney
113	113	10 General Court Ordered and Voluntary Compliance Payment
114	114	11 Projects Fund, Attorney General Whistleblower Reward and
115	115	12 Protection Fund, and Attorney General's State Projects and
116	116	13 Court Ordered Distribution Fund, which is not needed for
117	117	14 current expenditures, due or about to become due, or any money
118	118	15 in the State Treasury which has been set aside and held for the
119	119	16 payment of the principal of and the interest on any State bonds
120	120	17 with the Office of the Comptroller in order to enable the
121	121	18 Comptroller to pay outstanding vouchers. At any time, and from
122	122	19 time to time outstanding, such investment shall not be greater
123	123	20 than $2,000,000,000. Such investment shall be deposited into
124	124	21 the General Revenue Fund or Health Insurance Reserve Fund as
125	125	22 determined by the Comptroller. Such investment shall be repaid
126	126	23 by the Comptroller with an interest rate tied to the London
127	127	24 Interbank Offered Rate (LIBOR) or the Federal Funds Rate or an
128	128	25 equivalent market established variable rate, but in no case
129	129	26 shall such interest rate exceed the lesser of the penalty rate
130	130
131	131
132	132
133	133
134	134
135	135	SB2449 - 3 - LRB104 11308 SPS 21394 b
136	136
137	137
138	138	SB2449- 4 -LRB104 11308 SPS 21394 b SB2449 - 4 - LRB104 11308 SPS 21394 b
139	139	SB2449 - 4 - LRB104 11308 SPS 21394 b
140	140	1 established under the State Prompt Payment Act or the timely
141	141	2 pay interest rate under Section 368a of the Illinois Insurance
142	142	3 Code. The State Treasurer and the Comptroller shall enter into
143	143	4 an intergovernmental agreement to establish procedures for
144	144	5 such investments, which market established variable rate to
145	145	6 which the interest rate for the investments should be tied,
146	146	7 and other terms which the State Treasurer and Comptroller
147	147	8 reasonably believe to be mutually beneficial concerning these
148	148	9 investments by the State Treasurer. The State Treasurer and
149	149	10 Comptroller shall also enter into a written agreement for each
150	150	11 such investment that specifies the period of the investment,
151	151	12 the payment interval, the interest rate to be paid, the funds
152	152	13 in the State Treasury from which the State Treasurer will draw
153	153	14 the investment, and other terms upon which the State Treasurer
154	154	15 and Comptroller mutually agree. Such investment agreements
155	155	16 shall be public records and the State Treasurer shall post the
156	156	17 terms of all such investment agreements on the State
157	157	18 Treasurer's official website. In compliance with the
158	158	19 intergovernmental agreement, the Comptroller shall order and
159	159	20 the State Treasurer shall transfer amounts sufficient for the
160	160	21 payment of principal and interest invested by the State
161	161	22 Treasurer with the Office of the Comptroller under this
162	162	23 paragraph from the General Revenue Fund or the Health
163	163	24 Insurance Reserve Fund to the respective funds in the State
164	164	25 Treasury from which the State Treasurer drew the investment.
165	165	26 Public Act 100-1107 shall constitute an irrevocable and
166	166
167	167
168	168
169	169
170	170
171	171	SB2449 - 4 - LRB104 11308 SPS 21394 b
172	172
173	173
174	174	SB2449- 5 -LRB104 11308 SPS 21394 b SB2449 - 5 - LRB104 11308 SPS 21394 b
175	175	SB2449 - 5 - LRB104 11308 SPS 21394 b
176	176	1 continuing authority for all amounts necessary for the payment
177	177	2 of principal and interest on the investments made with the
178	178	3 Office of the Comptroller by the State Treasurer under this
179	179	4 paragraph, and the irrevocable and continuing authority for
180	180	5 and direction to the Comptroller and State Treasurer to make
181	181	6 the necessary transfers.
182	182	7 The State Treasurer may invest or reinvest any State money
183	183	8 in the State Treasury that is not needed for current
184	184	9 expenditure, due or about to become due, or any money in the
185	185	10 State Treasury that has been set aside and held for the payment
186	186	11 of the principal of and the interest on any State bonds, in any
187	187	12 of the following:
188	188	13 (1) Bonds, notes, certificates of indebtedness,
189	189	14 Treasury bills, or other securities now or hereafter
190	190	15 issued that are guaranteed by the full faith and credit of
191	191	16 the United States of America as to principal and interest.
192	192	17 (2) Bonds, notes, debentures, or other similar
193	193	18 obligations of the United States of America, its agencies,
194	194	19 and instrumentalities, or other obligations that are
195	195	20 issued or guaranteed by supranational entities; provided,
196	196	21 that at the time of investment, the entity has the United
197	197	22 States government as a shareholder.
198	198	23 (2.5) (Blank). Bonds, notes, debentures, or other
199	199	24 similar obligations of a foreign government, other than
200	200	25 the Republic of the Sudan, that are guaranteed by the full
201	201	26 faith and credit of that government as to principal and
202	202
203	203
204	204
205	205
206	206
207	207	SB2449 - 5 - LRB104 11308 SPS 21394 b
208	208
209	209
210	210	SB2449- 6 -LRB104 11308 SPS 21394 b SB2449 - 6 - LRB104 11308 SPS 21394 b
211	211	SB2449 - 6 - LRB104 11308 SPS 21394 b
212	212	1 interest, but only if the foreign government has not
213	213	2 defaulted and has met its payment obligations in a timely
214	214	3 manner on all similar obligations for a period of at least
215	215	4 25 years immediately before the time of acquiring those
216	216	5 obligations.
217	217	6 (3) Interest-bearing savings accounts,
218	218	7 interest-bearing certificates of deposit,
219	219	8 interest-bearing time deposits, or any other investments
220	220	9 constituting direct obligations of any bank as defined by
221	221	10 the Illinois Banking Act.
222	222	11 (4) Interest-bearing accounts, certificates of
223	223	12 deposit, or any other investments constituting direct
224	224	13 obligations of any savings and loan associations
225	225	14 incorporated under the laws of this State or any other
226	226	15 state or under the laws of the United States.
227	227	16 (5) Dividend-bearing share accounts, share certificate
228	228	17 accounts, or class of share accounts of a credit union
229	229	18 chartered under the laws of this State or the laws of the
230	230	19 United States; provided, however, the principal office of
231	231	20 the credit union must be located within the State of
232	232	21 Illinois.
233	233	22 (6) Bankers' acceptances of banks whose senior
234	234	23 obligations are rated in the top 2 rating categories by 2
235	235	24 national rating agencies and maintain that rating during
236	236	25 the term of the investment and the bank has not been placed
237	237	26 on the list of restricted companies by the Illinois
238	238
239	239
240	240
241	241
242	242
243	243	SB2449 - 6 - LRB104 11308 SPS 21394 b
244	244
245	245
246	246	SB2449- 7 -LRB104 11308 SPS 21394 b SB2449 - 7 - LRB104 11308 SPS 21394 b
247	247	SB2449 - 7 - LRB104 11308 SPS 21394 b
248	248	1 Investment Policy Board under Section 1-110.16 of the
249	249	2 Illinois Pension Code.
250	250	3 (7) Short-term obligations of either corporations or
251	251	4 limited liability companies organized in the United States
252	252	5 with assets exceeding $500,000,000 if (i) the obligations
253	253	6 are rated at the time of purchase at one of the 3 highest
254	254	7 classifications established by at least 2 standard rating
255	255	8 services and mature not later than 270 days from the date
256	256	9 of purchase, (ii) the purchases do not exceed 10% of the
257	257	10 corporation's or the limited liability company's
258	258	11 outstanding obligations, (iii) no more than one-third of
259	259	12 the public agency's funds are invested in short-term
260	260	13 obligations of either corporations or limited liability
261	261	14 companies, and (iv) the corporation or the limited
262	262	15 liability company has not been placed on the list of
263	263	16 restricted companies by the Illinois Investment Policy
264	264	17 Board under Section 1-110.16 of the Illinois Pension Code.
265	265	18 (7.5) Obligations of either corporations or limited
266	266	19 liability companies organized in the United States, that
267	267	20 have a significant presence in this State, with assets
268	268	21 exceeding $500,000,000 if: (i) the obligations are rated
269	269	22 at the time of purchase at one of the 3 highest
270	270	23 classifications established by at least 2 standard rating
271	271	24 services and mature more than 270 days, but less than 10
272	272	25 years, from the date of purchase; (ii) the purchases do
273	273	26 not exceed 10% of the corporation's or the limited
274	274
275	275
276	276
277	277
278	278
279	279	SB2449 - 7 - LRB104 11308 SPS 21394 b
280	280
281	281
282	282	SB2449- 8 -LRB104 11308 SPS 21394 b SB2449 - 8 - LRB104 11308 SPS 21394 b
283	283	SB2449 - 8 - LRB104 11308 SPS 21394 b
284	284	1 liability company's outstanding obligations; (iii) no more
285	285	2 than one-third of the public agency's funds are invested
286	286	3 in such obligations of corporations or limited liability
287	287	4 companies; and (iv) the corporation or the limited
288	288	5 liability company has not been placed on the list of
289	289	6 restricted companies by the Illinois Investment Policy
290	290	7 Board under Section 1-110.16 of the Illinois Pension Code.
291	291	8 (8) Money market mutual funds registered under the
292	292	9 Investment Company Act of 1940.
293	293	10 (9) The Public Treasurers' Investment Pool created
294	294	11 under Section 17 of the State Treasurer Act or in a fund
295	295	12 managed, operated, and administered by a bank.
296	296	13 (10) Repurchase agreements of government securities
297	297	14 having the meaning set out in the Government Securities
298	298	15 Act of 1986, as now or hereafter amended or succeeded,
299	299	16 subject to the provisions of that Act and the regulations
300	300	17 issued thereunder.
301	301	18 (11) Investments made in accordance with the
302	302	19 Technology Development Act.
303	303	20 (12) Investments made in accordance with the Student
304	304	21 Investment Account Act.
305	305	22 (13) Investments constituting direct obligations of a
306	306	23 community development financial institution, which is
307	307	24 certified by the United States Treasury Community
308	308	25 Development Financial Institutions Fund and is operating
309	309	26 in the State of Illinois.
310	310
311	311
312	312
313	313
314	314
315	315	SB2449 - 8 - LRB104 11308 SPS 21394 b
316	316
317	317
318	318	SB2449- 9 -LRB104 11308 SPS 21394 b SB2449 - 9 - LRB104 11308 SPS 21394 b
319	319	SB2449 - 9 - LRB104 11308 SPS 21394 b
320	320	1 (14) Investments constituting direct obligations of a
321	321	2 minority depository institution, as designated by the
322	322	3 Federal Deposit Insurance Corporation, that is operating
323	323	4 in the State of Illinois.
324	324	5 (15) Investments made in accordance with any other law
325	325	6 that authorizes the State Treasurer to invest or deposit
326	326	7 funds.
327	327	8 For purposes of this Section, "agencies" of the United
328	328	9 States Government includes:
329	329	10 (i) the federal land banks, federal intermediate
330	330	11 credit banks, banks for cooperatives, federal farm credit
331	331	12 banks, or any other entity authorized to issue debt
332	332	13 obligations under the Farm Credit Act of 1971 (12 U.S.C.
333	333	14 2001 et seq.) and Acts amendatory thereto;
334	334	15 (ii) the federal home loan banks and the federal home
335	335	16 loan mortgage corporation;
336	336	17 (iii) the Commodity Credit Corporation; and
337	337	18 (iv) any other agency created by Act of Congress.
338	338	19 The State Treasurer may lend any securities acquired under
339	339	20 this Act. However, securities may be lent under this Section
340	340	21 only in accordance with Federal Financial Institution
341	341	22 Examination Council guidelines and only if the securities are
342	342	23 collateralized at a level sufficient to assure the safety of
343	343	24 the securities, taking into account market value fluctuation.
344	344	25 The securities may be collateralized by cash or collateral
345	345	26 acceptable under Sections 11 and 11.1.
346	346
347	347
348	348
349	349
350	350
351	351	SB2449 - 9 - LRB104 11308 SPS 21394 b
352	352
353	353
354	354	SB2449- 10 -LRB104 11308 SPS 21394 b SB2449 - 10 - LRB104 11308 SPS 21394 b
355	355	SB2449 - 10 - LRB104 11308 SPS 21394 b
356	356
357	357
358	358
359	359
360	360
361	361	SB2449 - 10 - LRB104 11308 SPS 21394 b