Bill Text: IL HB5791 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the Grant Accountability and Transparency Act. Requires a recipient of a State grant award of $100,000 or more to deposit the funds into an interest bearing account. Provides that the interest earned is to be considered State funds. Authorizes the grant recipient to retain up to $250 per year from the interest proceeds to offset fees imposed upon the deposit.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-02-11 - Referred to Rules Committee [HB5791 Detail]
Download: Illinois-2015-HB5791-Introduced.html
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1 | AN ACT concerning 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 Grant Accountability and Transparency Act is | |||||||||||||||||||
5 | amended by adding Section 47 as follows:
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6 | (30 ILCS 708/47 new) | |||||||||||||||||||
7 | Sec. 47. Grantee fund management standards. | |||||||||||||||||||
8 | (a) A not for profit entity that receives a State award in | |||||||||||||||||||
9 | an amount of $100,000 or more must deposit and maintain that | |||||||||||||||||||
10 | award in an interest-bearing account with a financial | |||||||||||||||||||
11 | institution, the deposits of which are insured by the Federal | |||||||||||||||||||
12 | Deposit Insurance Corporation. | |||||||||||||||||||
13 | (b) Interest earned on the deposit of the State award shall | |||||||||||||||||||
14 | be deemed State funds and shall be used for the purposes for | |||||||||||||||||||
15 | which the State award was awarded. | |||||||||||||||||||
16 | (c) A recipient of a State award may retain up to $250 per | |||||||||||||||||||
17 | year from the interest earned on the deposit to offset any fees | |||||||||||||||||||
18 | imposed upon the deposit of the State award.
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