| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| 1 | AN ACT concerning State government.
| |||||||||||||||||||
| 2 | Be it enacted by the People of the State of Illinois,
| |||||||||||||||||||
| 3 | represented in the General Assembly:
| |||||||||||||||||||
| 4 | Section 5. The State Treasurer Act is amended by changing | |||||||||||||||||||
| 5 | Section 17 as follows:
| |||||||||||||||||||
| 6 | (15 ILCS 505/17) (from Ch. 130, par. 17)
| |||||||||||||||||||
| 7 | Sec. 17. Public Treasurers' Investment Pool. The State | |||||||||||||||||||
| 8 | Treasurer may establish and administer a Public
Treasurers'
| |||||||||||||||||||
| 9 | Investment Pool to supplement
and enhance the the investment | |||||||||||||||||||
| 10 | opportunities otherwise available to other
custodians
of | |||||||||||||||||||
| 11 | public funds for public agencies
in this State.
| |||||||||||||||||||
| 12 | The Treasurer, in administering the Public Treasurers' | |||||||||||||||||||
| 13 | Investment Pool,
may receive public
funds paid into the pool by | |||||||||||||||||||
| 14 | any other custodian of such funds and may serve
as the fiscal | |||||||||||||||||||
| 15 | agent of
that custodian of public funds for the purpose of | |||||||||||||||||||
| 16 | holding and investing those
funds.
| |||||||||||||||||||
| 17 | The Treasurer may invest the public funds constituting the | |||||||||||||||||||
| 18 | Public Treasurers'
Investment
Pool in the same manner, in the | |||||||||||||||||||
| 19 | same types of investments and subject to
the same limitations
| |||||||||||||||||||
| 20 | provided for the investment of funds in the State Treasury. The | |||||||||||||||||||
| 21 | Treasurer
shall develop, publish, and implement an investment | |||||||||||||||||||
| 22 | policy covering the
management of funds in the Public | |||||||||||||||||||
| 23 | Treasurers' Investment Pool. The policy
shall be published each | |||||||||||||||||||
| |||||||
| |||||||
| 1 | year as part of the audit
of the Public Treasurers' Investment | ||||||
| 2 | Pool by the Auditor General, which shall
be distributed to all | ||||||
| 3 | participants. The Treasurer shall notify all Public
| ||||||
| 4 | Treasurers' Investment Pool participants in writing, and the | ||||||
| 5 | Treasurer shall
publish in at least one newspaper of general | ||||||
| 6 | circulation in both Springfield
and Chicago any changes to a | ||||||
| 7 | previously published investment policy at least 30
calendar | ||||||
| 8 | days before implementing the policy. Any such investment policy
| ||||||
| 9 | adopted by the Treasurer shall be reviewed, and updated if | ||||||
| 10 | necessary, within 90
days following the installation of a new | ||||||
| 11 | Treasurer.
| ||||||
| 12 | The Treasurer shall promulgate such rules and regulations | ||||||
| 13 | as he deems
necessary
for the efficient
administration of the | ||||||
| 14 | Public Treasurers' Investment Pool, including
specification
of | ||||||
| 15 | minimum amounts
which may be deposited in the Pool and minimum | ||||||
| 16 | periods of time for which
deposits
shall be retained in the | ||||||
| 17 | Pool. The rules shall provide for the administration
expenses | ||||||
| 18 | of the Pool to be
paid from its earnings and for the interest | ||||||
| 19 | earnings in excess of such expenses
to be credited or
paid | ||||||
| 20 | monthly to the several custodians of public funds participating | ||||||
| 21 | in
the Pool in a manner which equitably
reflects the differing | ||||||
| 22 | amounts of their respective investments in the Pool and
the
| ||||||
| 23 | differing periods of time for which such amounts were in the | ||||||
| 24 | custody of the
Pool.
| ||||||
| 25 | Upon creating a Public Treasurers' Investment Pool the | ||||||
| 26 | State Treasurer shall
give bond with 2 or more sufficient | ||||||
| |||||||
| |||||||
| 1 | sureties, payable to custodians of public
funds who participate
| ||||||
| 2 | in the Pool for the benefit of the public agencies whose funds | ||||||
| 3 | are paid
into the Pool for investment,
in the penal sum of | ||||||
| 4 | $150,000, conditioned for the faithful discharge of
his duties | ||||||
| 5 | in relation to the
Public Treasurers' Investment Pool.
| ||||||
| 6 | "Public funds" and "public agency", as used in this Section | ||||||
| 7 | have the meanings ascribed
to them in Section 1 of "An Act | ||||||
| 8 | relating to certain investments of public
funds by public
| ||||||
| 9 | agencies", approved July 23, 1943, as amended.
| ||||||
| 10 | This amendatory Act of 1975 is not a limit on any home rule | ||||||
| 11 | unit.
| ||||||
| 12 | (Source: P.A. 97-537, eff. 8-23-11.)
| ||||||