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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 and an electronic payment 
8processing program to supplement and enhance investment 
9opportunities and secure electronic payment options otherwise 
10available to not-for-profit corporations in this State.
11 (b) The Treasurer may receive funds paid into the 
12non-profit investment pool by a not-for-profit corporation 
13that is exempt from taxation under Section 501(c)(3), 
14501(c)(4), 501(c)(5), or 501(c)(6) of the Internal Revenue 
15Code for the purpose of holding and investing those funds.
16 (c) The Treasurer may invest the funds constituting the 
17non-profit investment pool in the same manner, in the same 
18types of investments, and subject to the same limitations 
19provided for the investment of funds in the State Treasury. 
20The Treasurer shall develop, publish, and implement an 
21investment policy covering the management of funds in the 
22non-profit investment pool. The policy shall be published each 
23year as part of the audit of the non-profit investment pool by 
24the Auditor General, which shall be distributed to all 
25participants. The Treasurer shall notify all non-profit 
 
 
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1investment pool participants in writing, and the Treasurer 
2shall publish in at least one newspaper of general circulation 
3in both Springfield and Chicago any changes to a previously 
4published investment policy at least 30 calendar days before 
5implementing the policy. Any investment policy adopted by the 
6Treasurer shall be reviewed, and updated if necessary, within 
790 days after the installation of a new Treasurer.
8 (d) The Treasurer shall adopt rules for the efficient 
9administration of the non-profit investment pool, including 
10the minimum amounts that may be deposited in the non-profit 
11investment pool and the minimum period of time that deposits 
12shall be retained in the non-profit investment pool. The rules 
13shall provide for the administrative expenses of the 
14non-profit investment pool to be paid from its earnings and 
15for the interest earnings in excess of such expenses to be 
16credited or paid monthly to the not-for-profit corporations 
17participating in the non-profit investment pool in a manner 
18which equitably reflects the differing amounts of their 
19respective investments in the non-profit investment pool and 
20the differing periods of time for which the amounts were in the 
21custody of the non-profit investment pool.
22 (e) Upon creating a non-profit investment pool, the State 
23Treasurer shall give bond with 2 or more sufficient sureties, 
24payable to not-for-profit corporations that participate in the 
25non-profit investment pool for the benefit of the 
26not-for-profit corporations that have funds that are paid into 
 
 
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1the non-profit investment pool for investment, in the penal 
2sum of $150,000, conditioned for the faithful discharge of the 
3State Treasurer's duties in relation to the non-profit 
4investment pool.

5 Section 10. The Accountability for the Investment of 
6Public Funds Act is amended by changing Section 10 as follows:

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

 
 
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