HB1437 EngrossedLRB104 08139 SPS 18185 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 adding 
5Section 17.2 as follows:

6    (15 ILCS 505/17.2 new)
7    Sec. 17.2. Non-profit investment pool.
8    (a) The State Treasurer may establish and administer a 
9non-profit investment pool and an electronic payment 
10processing program to supplement and enhance investment 
11opportunities and secure electronic payment options otherwise 
12available to not-for-profit corporations in this State.
13    (b) The Treasurer may receive funds paid into the 
14non-profit investment pool by a not-for-profit corporation 
15that is exempt from taxation under Section 501(c)(3) or 
16501(c)(5) of the Internal Revenue Code for the purpose of 
17holding and investing those funds. In order to be eligible to 
18participate in the non-profit investment pool, the 
19not-for-profit corporation shall provide the Treasurer with a 
20copy of the most recent audited financial statement or 
21charitable organization annual report filed with the Attorney 
22General.
23    (c) The Treasurer may invest the funds constituting the 
 
 
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1non-profit investment pool in the same manner, in the same 
2types of investments, and subject to the same limitations 
3provided for the investment of funds in the State Treasury. 
4The Treasurer shall develop, publish, and implement an 
5investment policy covering the management of funds in the 
6non-profit investment pool. The policy shall be published each 
7year as part of the audit of the non-profit investment pool by 
8the Auditor General, which shall be distributed to all 
9participants. The Treasurer shall notify all non-profit 
10investment pool participants in writing, and the Treasurer 
11shall publish in at least one newspaper of general circulation 
12in both Springfield and Chicago any changes to a previously 
13published investment policy at least 30 calendar days before 
14implementing the policy. Any investment policy adopted by the 
15Treasurer shall be reviewed, and updated if necessary, within 
1690 days after the installation of a new Treasurer.
17    (d) The Treasurer shall adopt rules for the efficient 
18administration of the non-profit investment pool, including 
19the minimum amounts that may be deposited in the non-profit 
20investment pool and the minimum period of time that deposits 
21shall be retained in the non-profit investment pool. The rules 
22shall provide for the administrative expenses of the 
23non-profit investment pool to be paid from its earnings and 
24for the interest earnings in excess of such expenses to be 
25credited or paid monthly to the not-for-profit corporations 
26participating in the non-profit investment pool in a manner 
 
 
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1which equitably reflects the differing amounts of their 
2respective investments in the non-profit investment pool and 
3the differing periods of time for which the amounts were in the 
4custody of the non-profit investment pool.
5    (e) Upon creating a non-profit investment pool, the State 
6Treasurer shall give bond with 2 or more sufficient sureties, 
7payable to not-for-profit corporations that participate in the 
8non-profit investment pool for the benefit of the 
9not-for-profit corporations that have funds that are paid into 
10the non-profit investment pool for investment, in the penal 
11sum of $150,000, conditioned for the faithful discharge of the 
12State Treasurer's duties in relation to the non-profit 
13investment pool.