Sen. Adriane Johnson

Filed: 3/6/2024





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2    AMENDMENT NO. ______. Amend Senate Bill 3157 by replacing
3everything after the enacting clause with the following:
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



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1        (4) to a public agency as defined in the Public Funds
2    Investment Act; or ,
3        (5) by direct deposit or by the electronic direct
4    deposit or transfer of funds.
5    These payments, however, shall only be made upon the
6approval of the Treasurer, in the form and method provided by
7the rules or regulations adopted under Section 9.03 of the
8State Comptroller Act.
9(Source: P.A. 87-132; 87-653; 87-685; 87-751; 87-895; 88-643,
10eff. 1-1-95.)
11    (15 ILCS 505/17.2 new)
12    Sec. 17.2. Non-profit investment pool.
13    (a) The State Treasurer may establish and administer a
14non-profit investment pool and an electronic payment
15processing program to supplement and enhance investment
16opportunities and secure electronic payment options otherwise
17available to not-for-profit corporations in this State.
18    (b) The Treasurer may receive funds paid into the
19non-profit investment pool by a not-for-profit corporation
20that is exempt from taxation under Section 501(c)(3),
21501(c)(4), or 501(c)(6) of the Internal Revenue Code for the
22purpose of holding and investing those funds.
23    (c) The Treasurer may invest the funds constituting the
24non-profit investment pool in the same manner, in the same
25types of investments, and subject to the same limitations



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1provided for the investment of funds in the State Treasury.
2The Treasurer shall develop, publish, and implement an
3investment policy covering the management of funds in the
4non-profit investment pool. The policy shall be published each
5year as part of the audit of the non-profit investment pool by
6the Auditor General, which shall be distributed to all
7participants. The Treasurer shall notify all non-profit
8investment pool participants in writing, and the Treasurer
9shall publish in at least one newspaper of general circulation
10in both Springfield and Chicago any changes to a previously
11published investment policy at least 30 calendar days before
12implementing the policy. Any investment policy adopted by the
13Treasurer shall be reviewed, and updated if necessary, within
1490 days after the installation of a new Treasurer.
15    (d) The Treasurer shall adopt rules for the efficient
16administration of the non-profit investment pool, including
17the minimum amounts that may be deposited in the non-profit
18investment pool and the minimum period of time that deposits
19shall be retained in the non-profit investment pool. The rules
20shall provide for the administrative expenses of the
21non-profit investment pool to be paid from its earnings and
22for the interest earnings in excess of such expenses to be
23credited or paid monthly to the not-for-profit corporations
24participating in the non-profit investment pool in a manner
25which equitably reflects the differing amounts of their
26respective investments in the non-profit investment pool and



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1the differing periods of time for which the amounts were in the
2custody of the non-profit investment pool.
3    (e) Upon creating a non-profit investment pool, the State
4Treasurer shall give bond with 2 or more sufficient sureties,
5payable to not-for-profit corporations that participate in the
6non-profit investment pool for the benefit of the
7not-for-profit corporations that have funds that are paid into
8the non-profit investment pool for investment, in the penal
9sum of $150,000, conditioned for the faithful discharge of the
10State Treasurer's duties in relation to the non-profit
11investment pool.
12    Section 10. The Accountability for the Investment of
13Public Funds Act is amended by changing Section 10 as follows:
14    (30 ILCS 237/10)
15    Sec. 10. Online information concerning investment of
16public funds. Each State agency shall make available on the
17Internet, and update at least monthly, no later than the end of
18each month by the 15th of the month, sufficient information
19concerning the investment of any public funds held by that
20State agency to identify the following:
21        (1) the amount of funds held by that agency on the last
22    day of the preceding month or the average daily balance
23    for the preceding month;
24        (2) the total monthly investment income and yield for



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1    all funds invested by that agency;
2        (3) the asset allocation of the investments made by
3    that agency; and
4        (4) a complete listing of all approved depository
5    institutions, commercial paper issuers, and broker-dealers
6    approved to do business with that agency.
7(Source: P.A. 93-499, eff. 1-1-04.)
8    Section 99. Effective date. This Act takes effect upon
9becoming law.".