Senate Sponsors: WATSON-DUDYCZ-PHILIP-GEO-KARIS-SHAW. House Sponsors: MADIGAN,MJ-SCOTT Short description: ST TREASURER-COLLEGE SAVINGS Synopsis of Bill as introduced: Amends the State Treasurer Act. Makes a grammatical change in the Section regarding bond. HOUSE AMENDMENT NO. 1. (House recedes May 25, 1999) Adds an immediate effective date. CONFERENCE COMMITTEE REPORT NO. 1. Recommends that the House recede from H-am 1. Recommends that the bill be further amended as follows: Deletes reference to: 15 ILCS 505/1 Adds reference to: 15 ILCS 505/16.5 new Deletes everything. Amends the State Treasurer Act. Provides that the Treasurer may create a College Savings Pool. Provides that the Treasurer may receive moneys paid into the pool by participants, hold the moneys in accounts on behalf of participants, and invest those moneys. Provides that new accounts in the Pool must be processed through participating financial institutions. Provides that the Treasurer may invest moneys in the College Savings Pool in the same manner, in the same types of investments, and subject to the same limitations provided for the investment of funds by the Illinois State Board of Investment. Provides that the Treasurer shall develop, publish, and implement an investment policy covering the investment of moneys in the College Savings Pool and shall make a percentage of each account available for investment in participating financial institutions doing business in the State. Provides that participants shall be required to use moneys distributed from the College Savings Pool for qualified expenses while attending an eligible educational institution at least half-time. Provides that the Treasurer shall provide the Illinois Student Assistance Commission an annual electronic report of participant accounts. Provides that the Treasurer shall adopt rules necessary for the efficient administration of the College Savings Pool. Provides that upon creating the College Savings Pool, the State Treasurer shall give bonds with 2 or more sufficient sureties that are payable to and for the benefit of the participants in the College Savings Pool, in the penal sum of $1,000,000, conditioned upon the faithful discharge of his or her duties in relation to the College Savings Pool. Last action on Bill: PUBLIC ACT.............................. 91-0607 Last action date: 99-08-17 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status