103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3157
 
Introduced 2/6/2024, by Sen. Adriane Johnson
 
SYNOPSIS AS INTRODUCED:

15 ILCS 505/10 from Ch. 130, par. 10
15 ILCS 505/17.2 new
30 ILCS 237/10
 Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool to supplement and enhance investment opportunities otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Makes changes to provisions concerning the direct deposit of State payments. Amends the Accountability for the Investment of Public Funds Act. Provides that the Treasurer shall adopt rules for the efficient administration of the pool. Provides that each State agency shall make available on the Internet, and update at least monthly, no later than the end of each month (rather than by the 15th of the month), sufficient information concerning the investment of any public funds held by that State agency to identify specified information. Effective immediately.


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A BILL FOR
 
SB3157LRB103 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 
 
 
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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 to supplement and enhance 
8investment opportunities otherwise available to not-for-profit 
9corporations in this State.
10 (b) The Treasurer may receive funds paid into the 
11non-profit investment pool by a not-for-profit corporation 
12that is exempt from taxation under Section 501(c) of the 
13Internal Revenue Code for the purpose of holding and investing 
14those funds.
15 (c) The Treasurer may invest the funds constituting the 
16non-profit investment pool in the same manner, in the same 
17types of investments, and subject to the same limitations 
18provided for the investment of funds in the State Treasury. 
19The Treasurer shall develop, publish, and implement an 
20investment policy covering the management of funds in the 
21non-profit investment pool. The policy shall be published each 
22year as part of the audit of the non-profit investment pool by 
23the Auditor General, which shall be distributed to all 
24participants. The Treasurer shall notify all non-profit 
25investment pool participants in writing, and the Treasurer 
 
 
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1shall publish in at least one newspaper of general circulation 
2in both Springfield and Chicago any changes to a previously 
3published investment policy at least 30 calendar days before 
4implementing the policy. Any investment policy adopted by the 
5Treasurer shall be reviewed, and updated if necessary, within 
690 days after the installation of a new Treasurer.
7 (d) The Treasurer shall adopt rules for the efficient 
8administration of the non-profit investment pool, including 
9the minimum amounts that may be deposited in the non-profit 
10investment pool and the minimum period of time that deposits 
11shall be retained in the non-profit investment pool. The rules 
12shall provide for the administrative expenses of the 
13non-profit investment pool to be paid from its earnings and 
14for the interest earnings in excess of such expenses to be 
15credited or paid monthly to the not-for-profit corporations 
16participating in the non-profit investment pool in a manner 
17which equitably reflects the differing amounts of their 
18respective investments in the non-profit investment pool and 
19the differing periods of time for which the amounts were in the 
20custody of the non-profit investment pool.
21 (e) Upon creating a non-profit investment pool, the State 
22Treasurer shall give bond with 2 or more sufficient sureties, 
23payable to not-for-profit corporations that participate in the 
24non-profit investment pool for the benefit of the 
25not-for-profit corporations that have funds that are paid into 
26the non-profit investment pool for investment, in the penal 
 
 
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1sum of $150,000, conditioned for the faithful discharge of the 
2State Treasurer's duties in relation to the non-profit 
3investment pool.

4 Section 10. The Accountability for the Investment of 
5Public Funds Act is amended by changing Section 10 as follows:

6 (30 ILCS 237/10)
7 Sec. 10. Online information concerning investment of 
8public funds. Each State agency shall make available on the 
9Internet, and update at least monthly, no later than the end of 
10each month by the 15th of the month, sufficient information 
11concerning the investment of any public funds held by that 
12State agency to identify the following: 
13  (1) the amount of funds held by that agency on the last 
14 day of the preceding month or the average daily balance 
15 for the preceding month; 
16  (2) the total monthly investment income and yield for 
17 all funds invested by that agency; 
18  (3) the asset allocation of the investments made by 
19 that agency; and 
20  (4) a complete listing of all approved depository 
21 institutions, commercial paper issuers, and broker-dealers 
22 approved to do business with that agency.
23(Source: P.A. 93-499, eff. 1-1-04.)

24 Section 99. Effective date. This Act takes effect upon 
 
 
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