HB4871 Engrossed

LRB096 16124 RCE 31373 b






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    AN ACT concerning State government.

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 



 
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    Section 5. The Deposit of State Moneys Act is amended  by 
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adding Section 22.9 as follows:
 
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    (15 ILCS 520/22.9 new)
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    Sec. 22.9. Dissolution of Illinois Insured Mortgage Pilot 
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Program Trust.
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    (a)   The State Treasurer is hereby authorized to transfer 
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any portion of the balance remaining in the Illinois Insured 
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Mortgage Pilot Program Trust back to the State's general 
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investment pool; however, no later than 90 days after the 
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effective date of this amendatory Act of the 96th General 
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Assembly, he or she shall transfer back to the State treasury 
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an amount exceeding $15,000,000.  These funds shall be used to 
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reconcile the State's general investment pool investment 
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account for the Illinois Insured Mortgage Pilot Program, and 
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any funds transferred in excess of the investment account 
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balance shall be treated as interest income and allocated 
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across State funds according to existing State law governing 
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interest income, including allocating interest income to the 
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General Revenue Fund.
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    (b)   The State Treasurer may retain a balance in the 
 


 






HB4871 Engrossed
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LRB096 16124 RCE 31373 b




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Illinois Insured Mortgage Pilot Program Trust sufficient to 
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make the following payments:
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        (1)    any costs incurred in connection with the 
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    operations of the Illinois Insured Mortgage Pilot Program;
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        (2)    legal or other professional services fees incurred 
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    because of the operations of the Illinois Insured Mortgage 
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    Pilot Program; or
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        (3)    any costs associated with the winding down of the 
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    Illinois Insured Mortgage Pilot Program Trust.

The amount 
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    retained as a balance in the Illinois Insured Mortgage 
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    Pilot Program Trust shall be determined solely by the 
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    Treasurer.
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    (c)   When the State Treasurer determines that the business 
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of the Illinois Insured Mortgage Pilot Program Trust has 
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concluded, the State Treasurer shall take the necessary steps 
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to dissolve the Trust and to cause the transfer of the 
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remaining balance of the Trust to the State's general 
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investment pool, to be applied as set forth in this Section.
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    (d)   This Section is repealed on December 31, 2011. 
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.