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| Public Act 100-0969 | ||||
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AN ACT concerning government.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The State Treasurer Act is amended by changing | ||||
Section 17 and by adding Section 30 as follows:
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(15 ILCS 505/17) (from Ch. 130, par. 17)
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Sec. 17.
The State Treasurer may establish and administer | ||||
both a Public
Treasurers'
Investment Pool and an E-Pay program | ||||
to supplement
and enhance both the investment opportunities and | ||||
the secure electronic payment options otherwise available to | ||||
other
custodians
of public funds for public agencies
in this | ||||
State.
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The Treasurer, in administering the Public Treasurers' | ||||
Investment Pool,
may receive public
funds paid into the pool by | ||||
any other custodian of such funds and may serve
as the fiscal | ||||
agent of
that custodian of public funds for the purpose of | ||||
holding and investing those
funds.
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The Treasurer may invest the public funds constituting the | ||||
Public Treasurers'
Investment
Pool in the same manner, in the | ||||
same types of investments and subject to
the same limitations
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provided for the investment of funds in the State Treasury. The | ||||
Treasurer
shall develop, publish, and implement an investment | ||||
policy covering the
management of funds in the Public | ||||
Treasurers' Investment Pool. The policy
shall be published each | ||
year as part of the audit
of the Public Treasurers' Investment | ||
Pool by the Auditor General, which shall
be distributed to all | ||
participants. The Treasurer shall notify all Public
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Treasurers' Investment Pool participants in writing, and the | ||
Treasurer shall
publish in at least one newspaper of general | ||
circulation in both Springfield
and Chicago any changes to a | ||
previously published investment policy at least 30
calendar | ||
days before implementing the policy. Any such investment policy
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adopted by the Treasurer shall be reviewed, and updated if | ||
necessary, within 90
days following the installation of a new | ||
Treasurer.
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The Treasurer shall promulgate such rules and regulations | ||
as he deems
necessary
for the efficient
administration of the | ||
Public Treasurers' Investment Pool and the E-Pay program, | ||
including
specification
of minimum amounts
which may be | ||
deposited in the Pool and minimum periods of time for which
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deposits
shall be retained in the Pool. The rules shall provide | ||
for the administration
expenses of the Pool to be
paid from its | ||
earnings and for the interest earnings in excess of such | ||
expenses
to be credited or
paid monthly to the several | ||
custodians of public funds participating in
the Pool in a | ||
manner which equitably
reflects the differing amounts of their | ||
respective investments in the Pool and
the
differing periods of | ||
time for which such amounts were in the custody of the
Pool.
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Upon creating a Public Treasurers' Investment Pool the | ||
State Treasurer shall
give bond with 2 or more sufficient | ||
sureties, payable to custodians of public
funds who participate
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in the Pool for the benefit of the public agencies whose funds | ||
are paid
into the Pool for investment,
in the penal sum of | ||
$150,000, conditioned for the faithful discharge of
his duties | ||
in relation to the
Public Treasurers' Investment Pool.
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"Public agency", as used in this Section, means the State | ||
of Illinois or any political subdivision, or any agency, board, | ||
or department thereof, any special district, any municipality, | ||
or any unit of local government. | ||
"Public funds", as used in this Section, means current | ||
operating funds, special funds, and funds of any kind or | ||
character belonging to or in the custody of any public agency. | ||
"Public funds" and "public agency", as used in this Section | ||
have the meanings ascribed
to them in Section 1 of "An Act | ||
relating to certain investments of public
funds by public
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agencies", approved July 23, 1943, as amended.
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This amendatory Act of 1975 is not a limit on any home rule | ||
unit.
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After the effective date of this amendatory Act of the 99th | ||
General Assembly, participation in the Public Treasurers' | ||
Investment Pool shall not be a prerequisite for participation | ||
in the Treasurer's E-Pay program. | ||
(Source: P.A. 99-856, eff. 8-19-16.)
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(15 ILCS 505/30 new) | ||
Sec. 30. Preferences for veterans, minorities, women, and | ||
persons with disabilities. | ||
(a) As used in this Section: | ||
(1) the terms "minority person", "woman", "person with | ||
a disability", "minority-owned business", "women-owned | ||
business", "business owned by a person with a disability", | ||
and "control" have the meanings provided in Section 1 of | ||
the Business Enterprise for Minorities, Women, and Persons | ||
with Disabilities Act; and | ||
(2) the terms "veteran", "qualified veteran-owned | ||
small business", "qualified service-disabled veteran-owned | ||
small business", "qualified service-disabled veteran", and | ||
"armed forces of the United States" have the meanings | ||
provided in Article 1 of the Illinois Procurement Code. | ||
(b) It is hereby declared to be the policy of the State | ||
Treasurer to promote and encourage the use of businesses owned | ||
by or under the control of qualified veterans of the armed | ||
forces of the United States, qualified service-disabled | ||
veterans, minority persons, women, or persons with a disability | ||
in the area of goods and services. Furthermore, the State | ||
Treasurer shall utilize such businesses to the greatest extent | ||
feasible within the bounds of financial and fiduciary prudence, | ||
and take affirmative steps to remove any barriers to the full | ||
participation of such firms in the procurement and contracting | ||
opportunities afforded. | ||
(c) It shall be an aspirational goal of the State Treasurer | ||
to use businesses owned by or under the control of qualified | ||
veterans of the armed forces of the United States, qualified | ||
service-disabled veterans, minority persons, women, or persons | ||
with a disability for not less than 25% of the total dollar | ||
amount of funds under management, purchases of investment | ||
securities, and other contracts, including, but not limited to, | ||
the use of broker-dealers. The State Treasurer is authorized to | ||
establish additional aspirational goals. | ||
(d) When the State Treasurer procures goods and services, | ||
whether through a request for proposal or otherwise, he or she | ||
is authorized to incorporate preferences in the scoring process | ||
for: (1) a minority-owned business, a women-owned business, a | ||
business owned by a person with a disability, a qualified | ||
veteran-owned small business, or a qualified service-disabled | ||
veteran-owned small business; and (2) businesses having a | ||
record of support for increasing diversity and inclusion in | ||
board membership, management, employment, philanthropy, and | ||
supplier diversity, including investment professionals and | ||
investment sourcing. | ||
When the State Treasurer utilizes a financial institution | ||
or determines the eligibility of a financial institution to | ||
participate in a banking contract, investment contract, | ||
investment activity, or other financial program of the State | ||
Treasurer, he or she shall review the financial institution's | ||
Community Reinvestment Act rating, record, and current level of | ||
financial commitment to the community prior to making a | ||
decision to utilize or determine the eligibility of such | ||
financial institution. | ||
(e) Beginning with fiscal year 2019, and at least annually | ||
thereafter, the State Treasurer shall report on his or her | ||
utilization of minority-owned businesses, women-owned | ||
businesses, businesses owned by a person with a disability, | ||
qualified veteran-owned small businesses, or qualified | ||
service-disabled veteran-owned small businesses. The report | ||
shall be published on the State Treasurer's official website. | ||
(f) The provisions of this Section take precedence over any | ||
goals established under the Business Enterprise for | ||
Minorities, Women, and Persons with Disabilities Act.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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