SB3157 EngrossedLRB103 36607 SPS 66716 b

1    AN ACT concerning State government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The State Treasurer Act is amended by changing
5Section 10 and by adding Section 17.2 as follows:
6    (15 ILCS 505/10)  (from Ch. 130, par. 10)
7    Sec. 10. Direct deposit of State payments. The Treasurer
8shall not pay out of the treasury any money, except upon the
9warrant of the State Comptroller, provided that warrants shall
10not be required where payments are made by the Comptroller:
11        (1) to providers of community-based mental health
12    services; ,
13        (2) to persons receiving benefit payments under the
14    State pension systems; ,
15        (3) to individuals receiving assistance under Article
16    III of the Illinois Public Aid Code; , or
17        (4) to a public agency as defined in the Public Funds
18    Investment Act; or ,
19        (5) by direct deposit or by the electronic direct
20    deposit or transfer of funds.
21    These payments, however, shall only be made upon the
22approval of the Treasurer, in the form and method provided by
23the rules or regulations adopted under Section 9.03 of the



SB3157 Engrossed- 2 -LRB103 36607 SPS 66716 b

1State Comptroller Act.
2(Source: P.A. 87-132; 87-653; 87-685; 87-751; 87-895; 88-643,
3eff. 1-1-95.)
4    (15 ILCS 505/17.2 new)
5    Sec. 17.2. Non-profit investment pool.
6    (a) The State Treasurer may establish and administer a
7non-profit investment pool and an electronic payment
8processing program to supplement and enhance investment
9opportunities and secure electronic payment options otherwise
10available to not-for-profit corporations in this State.
11    (b) The Treasurer may receive funds paid into the
12non-profit investment pool by a not-for-profit corporation
13that is exempt from taxation under Section 501(c)(3),
14501(c)(4), 501(c)(5), or 501(c)(6) of the Internal Revenue
15Code for the purpose of holding and investing those funds.
16    (c) The Treasurer may invest the funds constituting the
17non-profit investment pool in the same manner, in the same
18types of investments, and subject to the same limitations
19provided for the investment of funds in the State Treasury.
20The Treasurer shall develop, publish, and implement an
21investment policy covering the management of funds in the
22non-profit investment pool. The policy shall be published each
23year as part of the audit of the non-profit investment pool by
24the Auditor General, which shall be distributed to all
25participants. The Treasurer shall notify all non-profit



SB3157 Engrossed- 3 -LRB103 36607 SPS 66716 b

1investment pool participants in writing, and the Treasurer
2shall publish in at least one newspaper of general circulation
3in both Springfield and Chicago any changes to a previously
4published investment policy at least 30 calendar days before
5implementing the policy. Any investment policy adopted by the
6Treasurer shall be reviewed, and updated if necessary, within
790 days after the installation of a new Treasurer.
8    (d) The Treasurer shall adopt rules for the efficient
9administration of the non-profit investment pool, including
10the minimum amounts that may be deposited in the non-profit
11investment pool and the minimum period of time that deposits
12shall be retained in the non-profit investment pool. The rules
13shall provide for the administrative expenses of the
14non-profit investment pool to be paid from its earnings and
15for the interest earnings in excess of such expenses to be
16credited or paid monthly to the not-for-profit corporations
17participating in the non-profit investment pool in a manner
18which equitably reflects the differing amounts of their
19respective investments in the non-profit investment pool and
20the differing periods of time for which the amounts were in the
21custody of the non-profit investment pool.
22    (e) Upon creating a non-profit investment pool, the State
23Treasurer shall give bond with 2 or more sufficient sureties,
24payable to not-for-profit corporations that participate in the
25non-profit investment pool for the benefit of the
26not-for-profit corporations that have funds that are paid into



SB3157 Engrossed- 4 -LRB103 36607 SPS 66716 b

1the non-profit investment pool for investment, in the penal
2sum of $150,000, conditioned for the faithful discharge of the
3State Treasurer's duties in relation to the non-profit
4investment pool.
5    Section 10. The Accountability for the Investment of
6Public Funds Act is amended by changing Section 10 as follows:
7    (30 ILCS 237/10)
8    Sec. 10. Online information concerning investment of
9public funds. Each State agency shall make available on the
10Internet, and update at least monthly, no later than the end of
11each month by the 15th of the month, sufficient information
12concerning the investment of any public funds held by that
13State agency to identify the following:
14        (1) the amount of funds held by that agency on the last
15    day of the preceding month or the average daily balance
16    for the preceding month;
17        (2) the total monthly investment income and yield for
18    all funds invested by that agency;
19        (3) the asset allocation of the investments made by
20    that agency; and
21        (4) a complete listing of all approved depository
22    institutions, commercial paper issuers, and broker-dealers
23    approved to do business with that agency.
24(Source: P.A. 93-499, eff. 1-1-04.)



SB3157 Engrossed- 5 -LRB103 36607 SPS 66716 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.