(15 ILCS 505/17)
(from Ch. 130, par. 17)
The State Treasurer may establish and administer both a Public
Investment Pool and an E-Pay program to supplement
and enhance both the investment opportunities and the secure electronic payment options otherwise available to other
of public funds for public agencies
in this State.
The Treasurer, in administering the Public Treasurers' Investment Pool,
may receive public
funds paid into the pool by any other custodian of such funds and may serve
as the fiscal agent of
that custodian of public funds for the purpose of holding and investing those
The Treasurer may invest the public funds constituting the Public Treasurers'
Pool in the same manner, in the same types of investments and subject to
the same limitations
provided for the investment of funds in the State Treasury. The Treasurer
shall develop, publish, and implement an investment policy covering the
management of funds in the Public Treasurers' Investment Pool. The policy
shall be published each year as part of the audit
of the Public Treasurers' Investment Pool by the Auditor General, which shall
be distributed to all participants. The Treasurer shall notify all Public
Treasurers' Investment Pool participants in writing, and the Treasurer shall
publish in at least one newspaper of general circulation in both Springfield
and Chicago any changes to a previously published investment policy at least 30
calendar days before implementing the policy. Any such investment policy
adopted by the Treasurer shall be reviewed, and updated if necessary, within 90
days following the installation of a new Treasurer.
The Treasurer shall promulgate such rules and regulations as he deems
for the efficient
administration of the Public Treasurers' Investment Pool and the E-Pay program, including
of minimum amounts
which may be deposited in the Pool and minimum periods of time for which
shall be retained in the Pool. The rules shall provide for the administration
expenses of the Pool to be
paid from its earnings and for the interest earnings in excess of such expenses
to be credited or
paid monthly to the several custodians of public funds participating in
the Pool in a manner which equitably
reflects the differing amounts of their respective investments in the Pool and
differing periods of time for which such amounts were in the custody of the
Upon creating a Public Treasurers' Investment Pool the State Treasurer shall
give bond with 2 or more sufficient sureties, payable to custodians of public
funds who participate
in the Pool for the benefit of the public agencies whose funds are paid
into the Pool for investment,
in the penal sum of $150,000, conditioned for the faithful discharge of
his duties in relation to the
Public Treasurers' Investment Pool.
"Public agency", as used in this Section, means the State of Illinois or any political subdivision, or any agency, board, or department thereof, any special district, any municipality, or any unit of local government.
"Public funds", as used in this Section, means current operating funds, special funds, and funds of any kind or character belonging to or in the custody of any public agency.
This amendatory Act of 1975 is not a limit on any home rule unit.
After the effective date of this amendatory Act of the 99th General Assembly, participation in the Public Treasurers' Investment Pool shall not be a prerequisite for participation in the Treasurer's E-Pay program.
(Source: P.A. 99-856, eff. 8-19-16; 100-969, eff. 8-19-18.)