97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4116

 

Introduced , by Rep. Jim Durkin - Darlene J. Senger - Chad Hays - Patricia R. Bellock - Sandra M. Pihos

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 235/1  from Ch. 85, par. 901
110 ILCS 979/20

    Amends the Public Funds Investment Act. Deletes language providing that the Act does not apply to the Illinois Prepaid Tuition Trust Fund. Amends the Illinois Prepaid Tuition Act. Provides that the Illinois prepaid tuition program shall be bound by the terms of the Public Funds Investment Act. Effective immediately.


LRB097 15595 PJG 60735 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4116LRB097 15595 PJG 60735 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Funds Investment Act is amended by
5changing Section 1 as follows:
 
6    (30 ILCS 235/1)  (from Ch. 85, par. 901)
7    Sec. 1. The words "public funds", as used in this Act, mean
8current operating funds, special funds, interest and sinking
9funds, and funds of any kind or character belonging to or in
10the custody of any public agency.
11    The words "public agency", as used in this Act, mean the
12State of Illinois, the various counties, townships, cities,
13towns, villages, school districts, educational service
14regions, special road districts, public water supply
15districts, fire protection districts, drainage districts,
16levee districts, sewer districts, housing authorities, the
17Illinois Bank Examiners' Education Foundation, the Chicago
18Park District, and all other political corporations or
19subdivisions of the State of Illinois, now or hereafter
20created, whether herein specifically mentioned or not. This Act
21does not apply to: (i) the Illinois Prepaid Tuition Trust Fund,
22private funds collected by the Illinois Conservation
23Foundation, or (ii) pension funds or retirement systems

 

 

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1established under the Illinois Pension Code, except as
2otherwise provided in that Code.
3(Source: P.A. 91-669, eff. 1-1-00; 92-797, eff. 8-15-02.)
 
4    Section 10. The Illinois Prepaid Tuition Act is amended by
5changing Section 20 as follows:
 
6    (110 ILCS 979/20)
7    Sec. 20. Investment Advisory Panel. The Illinois prepaid
8tuition program shall be administered by the Illinois Student
9Assistance Commission, with advice and counsel from an
10investment advisory panel appointed by the Commission. The
11Illinois prepaid tuition program shall be administratively
12housed within the Commission, and the investment advisory panel
13shall have such duties as are specified in this Act. The
14Illinois prepaid tuition program shall be bound by the terms of
15the Public Funds Investment Act.
16    The investment advisory panel shall consist of 7 members
17who are appointed by the Commission, including one recommended
18by the State Treasurer, one recommended by the State
19Comptroller, one recommended by the Director of the Governor's
20Office of Management and Budget, and one recommended by the
21Executive Director of the Board of Higher Education. Each panel
22member shall possess knowledge, skill, and experience in at
23least one of the following areas of expertise: accounting,
24actuarial practice, risk management, or investment management.

 

 

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1Members shall serve 3-year terms except that, in making the
2initial appointments, the Commission shall appoint 2 members to
3serve for 2 years, 2 members to serve for 3 years, and 3
4members to serve for 4 years. Any person appointed to fill a
5vacancy on the panel shall be appointed in a like manner and
6shall serve for only the unexpired term. Investment advisory
7panel members shall be eligible for reappointment and shall
8serve until a successor is appointed and confirmed. Panel
9members shall serve without compensation but shall be
10reimbursed for expenses. Before being installed as a member of
11the investment advisory panel, each nominee shall file verified
12written statements of economic interest with the Secretary of
13State as required by the Illinois Governmental Ethics Act and
14with the Board of Ethics as required by Executive Order of the
15Governor.
16    The investment advisory panel shall meet at least twice
17annually. At least once each year the Commission Chairman shall
18designate a time and place at which the investment advisory
19panel shall meet publicly with the Illinois Student Assistance
20Commission to discuss issues and concerns relating to the
21Illinois prepaid tuition program.
22(Source: P.A. 94-793, eff. 5-19-06.)
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.