TITLE 74: PUBLIC FINANCE
CHAPTER V: TREASURER
PART 700 JOINT RULES OF THE TREASURER AND THE COMPTROLLER: EXTENSIONS OF TIME FOR THE DEPOSIT OF FUNDS INTO THE STATE TREASURY

Section 700.5 Introduction

Section 700.10 Declaration

Section 700.20 Request

Section 700.30 Evaluation

Section 700.40 Implementation


AUTHORITY: Authorized by Section 2 of "An act in relation to the payment and disposition of moneys received by officers and employees by virtue of their office or employment" (Ill. Rev. Stat. 1979, ch. 127, par. 171).


SOURCE: Adopted at 4 Ill. Reg. 42, page 11, October 17, 1980, effective October 8, 1980; codified at 5 Ill. Reg. 11088.

 

Section 700.5  Introduction

 

These rules are jointly promulgated by the State Treasurer and the State Comptroller to implement their powers under Section 2 of "An Act in relation to the payment and disposition of moneys received by officers and employees by virtue of their office or employment", Ill. Rev. Stat. 1979, ch. 127, par. 171.

 

Section 700.10  Declaration

 

The following rules are hereby adopted to govern procedures for the extension of time periods for the payment of moneys into the State treasury or to the State Treasurer.

 

Section 700.20  Request

 

a)         Any state agency subject to the provisions of Section 2(a) of "An Act in relation to the payment and disposition of moneys received by officers and employees by virtue of their office or employment", or Section 34 of "An Act in relation to state finance", may request an extension of the time period stated in these Sections for the payment of funds into the State treasury or to the State Treasurer.

 

b)         The request shall be signed by the agency head or his designee and shall be sent to the State Treasurer and the State Comptroller.

 

c)         The request for extension shall contain:

 

1)         The new time period requested;

 

2)         The type of funds to be subject to the extension;

 

3)         The reasons for the extension, including the locations at which the funds are received;

 

4)         Such documentation as the agency shall deem appropriate to support the request.

 

Section 700.30  Evaluation

 

a)         Upon the receipt of the request, the State Treasurer and the State Comptroller shall jointly evaluate the information submitted by the agency. The State Treasurer and Comptroller may:

 

1)         Approve the request with the same or a different time period from that requested by the agency;

 

2)         Reject the request; or,

 

3)         Request the agency to submit additional documentation.

 

b)         When processing requests for extensions, representatives of both the State Treasurer and the State Comptroller may interview a representative of the requesting agency, review present procedures, and examine the receipt flow and necessary accounting records.

 

c)         Extensions will be made only for that period of time which is determined to be the maximum period required for payment into the State treasury, but in no event to exceed 30 calendar days.

 

Section 700.40  Implementation

 

a)         If the State Treasurer and the State Comptroller approve the request, the agency shall be notified by letter of the extended time period.  The notification shall also specify the types of funds subject to the new time periods and any other terms and conditions deemed advisable by the State Treasurer and the State Comptroller.  A copy of the notification letter shall be forwarded to the Auditor General.

 

b)         The Treasurer and the Comptroller shall retain copies of letters granting extensions for public inspection.