Bill Amendment: IL SB3157 | 2023-2024 | 103rd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: NON-PROFIT INVESTMENT POOL

Status: 2024-05-31 - House Floor Amendment No. 3 Rule 19(c) / Re-referred to Rules Committee [SB3157 Detail]

Download: Illinois-2023-SB3157-Senate_Amendment_001.html

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Sen. Adriane Johnson

Filed: 3/6/2024

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AMENDMENT TO SENATE BILL 3157
AMENDMENT NO. ______. Amend Senate Bill 3157 by replacing
everything after the enacting clause with the following:
"Section 5. The State Treasurer Act is amended by changing
Section 10 and by adding Section 17.2 as follows:
(15 ILCS 505/10) (from Ch. 130, par. 10)
Sec. 10. Direct deposit of State payments. The Treasurer
shall not pay out of the treasury any money, except upon the
warrant of the State Comptroller, provided that warrants shall
not be required where payments are made by the Comptroller:
(1) to providers of community-based mental health
services; ,
(2) to persons receiving benefit payments under the
State pension systems; ,
(3) to individuals receiving assistance under Article
III of the Illinois Public Aid Code; , or

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

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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
non-profit investment pool. The policy shall be published each
year as part of the audit of the non-profit investment pool by
the Auditor General, which shall be distributed to all
participants. The Treasurer shall notify all non-profit
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 investment policy adopted by the
Treasurer shall be reviewed, and updated if necessary, within
90 days after the installation of a new Treasurer.
(d) The Treasurer shall adopt rules for the efficient
administration of the non-profit investment pool, including
the minimum amounts that may be deposited in the non-profit
investment pool and the minimum period of time that deposits
shall be retained in the non-profit investment pool. The rules
shall provide for the administrative expenses of the
non-profit investment 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 not-for-profit corporations
participating in the non-profit investment pool in a manner
which equitably reflects the differing amounts of their
respective investments in the non-profit investment pool and

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

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all funds invested by that agency;
(3) the asset allocation of the investments made by
that agency; and
(4) a complete listing of all approved depository
institutions, commercial paper issuers, and broker-dealers
approved to do business with that agency.
(Source: P.A. 93-499, eff. 1-1-04.)