Bill Text: IL HB1675 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the State Treasurer Act. Makes a technical change in a Section concerning the Public Treasurers' Investment Pool.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB1675 Detail]
Download: Illinois-2019-HB1675-Introduced.html
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| 1 | AN ACT concerning State government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The State Treasurer Act is amended by changing | |||||||||||||||||||
| 5 | Section 17 as follows:
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| 6 | (15 ILCS 505/17) (from Ch. 130, par. 17)
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| 7 | Sec. 17.
The State Treasurer may establish and administer | |||||||||||||||||||
| 8 | both a Public
Treasurers'
Investment Pool and an E-Pay program | |||||||||||||||||||
| 9 | to supplement
and enhance both the investment opportunities and | |||||||||||||||||||
| 10 | the secure electronic payment options otherwise available to | |||||||||||||||||||
| 11 | other
custodians
of public funds for public agencies
in this | |||||||||||||||||||
| 12 | State.
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| 13 | The The Treasurer, in administering the Public Treasurers' | |||||||||||||||||||
| 14 | Investment Pool,
may receive public
funds paid into the pool by | |||||||||||||||||||
| 15 | any other custodian of such funds and may serve
as the fiscal | |||||||||||||||||||
| 16 | agent of
that custodian of public funds for the purpose of | |||||||||||||||||||
| 17 | holding and investing those
funds.
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| 18 | The Treasurer may invest the public funds constituting the | |||||||||||||||||||
| 19 | Public Treasurers'
Investment
Pool in the same manner, in the | |||||||||||||||||||
| 20 | same types of investments and subject to
the same limitations
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| 21 | provided for the investment of funds in the State Treasury. The | |||||||||||||||||||
| 22 | Treasurer
shall develop, publish, and implement an investment | |||||||||||||||||||
| 23 | policy covering the
management of funds in the Public | |||||||||||||||||||
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| 1 | Treasurers' Investment Pool. The policy
shall be published each | ||||||
| 2 | year as part of the audit
of the Public Treasurers' Investment | ||||||
| 3 | Pool by the Auditor General, which shall
be distributed to all | ||||||
| 4 | participants. The Treasurer shall notify all Public
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| 5 | Treasurers' Investment Pool participants in writing, and the | ||||||
| 6 | Treasurer shall
publish in at least one newspaper of general | ||||||
| 7 | circulation in both Springfield
and Chicago any changes to a | ||||||
| 8 | previously published investment policy at least 30
calendar | ||||||
| 9 | days before implementing the policy. Any such investment policy
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| 10 | adopted by the Treasurer shall be reviewed, and updated if | ||||||
| 11 | necessary, within 90
days following the installation of a new | ||||||
| 12 | Treasurer.
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| 13 | The Treasurer shall promulgate such rules and regulations | ||||||
| 14 | as he deems
necessary
for the efficient
administration of the | ||||||
| 15 | Public Treasurers' Investment Pool and the E-Pay program, | ||||||
| 16 | including
specification
of minimum amounts
which may be | ||||||
| 17 | deposited in the Pool and minimum periods of time for which
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| 18 | deposits
shall be retained in the Pool. The rules shall provide | ||||||
| 19 | for the administration
expenses of the Pool to be
paid from its | ||||||
| 20 | earnings and for the interest earnings in excess of such | ||||||
| 21 | expenses
to be credited or
paid monthly to the several | ||||||
| 22 | custodians of public funds participating in
the Pool in a | ||||||
| 23 | manner which equitably
reflects the differing amounts of their | ||||||
| 24 | respective investments in the Pool and
the
differing periods of | ||||||
| 25 | time for which such amounts were in the custody of the
Pool.
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| 26 | Upon creating a Public Treasurers' Investment Pool the | ||||||
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| 1 | State Treasurer shall
give bond with 2 or more sufficient | ||||||
| 2 | sureties, payable to custodians of public
funds who participate
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| 3 | in the Pool for the benefit of the public agencies whose funds | ||||||
| 4 | are paid
into the Pool for investment,
in the penal sum of | ||||||
| 5 | $150,000, conditioned for the faithful discharge of
his duties | ||||||
| 6 | in relation to the
Public Treasurers' Investment Pool.
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| 7 | "Public agency", as used in this Section, means the State | ||||||
| 8 | of Illinois or any political subdivision, or any agency, board, | ||||||
| 9 | or department thereof, any special district, any municipality, | ||||||
| 10 | or any unit of local government. | ||||||
| 11 | "Public funds", as used in this Section, means current | ||||||
| 12 | operating funds, special funds, and funds of any kind or | ||||||
| 13 | character belonging to or in the custody of any public agency.
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| 14 | This amendatory Act of 1975 is not a limit on any home rule | ||||||
| 15 | unit.
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| 16 | After the effective date of this amendatory Act of the 99th | ||||||
| 17 | General Assembly, participation in the Public Treasurers' | ||||||
| 18 | Investment Pool shall not be a prerequisite for participation | ||||||
| 19 | in the Treasurer's E-Pay program. | ||||||
| 20 | (Source: P.A. 99-856, eff. 8-19-16; 100-969, eff. 8-19-18.)
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