Public Act 095-0655
 		





HB3627 Enrolled
LRB095 10069 BDD 30283 b






    AN ACT concerning finance.

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

 
    Section 1. Short title. This Act may be cited as the 
Charitable Trust Stabilization Act.
 
    Section 5. The  Charitable Trust Stabilization Fund. 
    (a) The Charitable Trust Stabilization Fund is created as a 
special fund in the State treasury. From appropriations from 
the Fund, the Charitable Trust Stabilization Committee shall 
make grants to public and private entities in the State for the 
purposes set forth under subsection (b). Moneys received for 
the purposes of this Section, including, without limitation, 
fees collected under subsection (m) of Section 115.10 of the 
General Not For Profit Corporation Act of 1986  and 
appropriations,  gifts, grants, and awards from any public or 
private entity, must be deposited into the Fund.   Any interest 
earnings that are attributable to moneys in the Fund must be 
deposited into the Fund.
    (b) Moneys in the Fund may be used only for the following 
purposes:
        (1) short-term, low-interest loans to participating 
    organizations that experience temporary cash-flow 
    shortages;
        (2)   business loans to participating organizations for 
    the purpose of expanding their capacity or operations;
        (3) grants for the start-up purposes of participating 
    organizations; and
        (4) the administration of the Fund and this Act.
    (c) Moneys in the Fund must be allocated as follows:
        (1) 20% of the amount deposited into the Fund in the 
    fiscal year must be set aside for the operating budget of 
    the Fund and Committee for the next fiscal year, but the 
    operating budget of the Fund and Committee may not exceed 
    $4,000,000 in any fiscal year;
        (2) 50% must be available for the purposes set forth 
    under subsection (b); and
        (3) 30% must be invested for the purpose of earning 
    interest or other investment income.
    (d) As soon as practical after the effective date of this 
Act, the State Treasurer must transfer the amount of $1,000,000 
from the General Revenue Fund to the Charitable Trust 
Stabilization Fund. On the June 30 that occurs in the third 
year after the transfer  to the Charitable Trust Stabilization 
Fund, the Treasurer must transfer the amount of $1,000,000 from 
the Charitable Trust Stabilization Fund to the General Revenue 
Fund. If, on that date, less than $1,000,000 is available for 
transfer, then the Treasurer must transfer the remaining 
balance of the Charitable Trust Stabilization Fund to the 
General Revenue Fund, and on each June 30 thereafter must 
transfer any balance in the Charitable Trust Stabilization Fund 
to the General Revenue Fund until the aggregate amount of 
$1,000,000 has been transferred.
 
    Section 10. The Charitable Trust Stabilization Committee. 
    (a) The Charitable Trust Stabilization Committee is 
created. The Committee consists of the following members:
        (1) the Attorney General or his or her designee, who 
    shall serve as co-chair of the Committee;
        (2) the State Treasurer or his or her designee, who 
    shall serve as co-chair of the Committee;
        (3) the Lieutenant Governor or his or her designee;
        (4) the Director of Commerce and Economic Opportunity 
    or his or her designee;
        (5) the chief executive officer of the Division of 
    Financial Institutions in the Department of Financial and 
    Professional Regulations or his or her designee; and
        (6) six private citizens, who shall serve a term of 6 
    years, appointed by the State Treasurer with advice and 
    consent of the Senate.
    (b) The Committee shall  adopt rules, including procedures 
and criteria for grant awards; it must meet at least once each

calendar
quarter; and it may establish committees and officers 
as it deems necessary.
For purposes of Committee meetings, a 
quorum is a majority of the  members.
Meetings of the Committee 
are subject to the Open Meetings Act.
The Committee must afford 
an opportunity for public comment at each of its meetings.
    (c) Committee members shall serve without compensation, 
but may be
reimbursed
for their reasonable travel expenses from 
funds available for that purpose. The
Department of Commerce 
and Economic Opportunity shall, subject to appropriation, 
provide staff and
administrative support services to the 
Committee.
    (d) The Committee shall administer the Charitable Trust 
Stabilization Fund. The Committee may employ the services of a 
director. The director must have extensive experience in 
building and funding not-for-profit ventures. The director 
must:
        (1) develop and implement an annual work plan based on 
    the goals set forth by the Committee;   
        (2) attend the Committee meetings and provide reports 
    of the progress on the annual work plan; 
        (3) develop and maintain a database of all 
    organizations that have elected to participate under this 
    Act; and
        (4) publicize the  Charitable Trust Stabilization Fund 
    to eligible organizations.
 
    Section 15. Grant eligibility. To be eligible to receive a 
grant under this Act, an organization must be a community-based 
organization or other not-for-profit entity that:
        (1) is a not-for-profit corporation that is exempt from 
    federal income taxation under Section 501(c)(3) of the 
    federal Internal Revenue Code of 1986;
        (2) is organized under the General Not for Profit 
    Corporation Act of 1986 for the purpose of providing 
    charitable services to the community; and
        (3) complies with the provisions of the Charitable 
    Trust Act.

 
    Section 20. Permissive application.   The grant program 
under this Act
  is permissive and is subject to appropriation by 
the General
  Assembly.
 
    Section 90. The State Finance Act is amended by adding 
Section 5.675 as follows:
 
    (30 ILCS 105/5.675 new)
    Sec. 5.675. The Charitable Trust Stabilization Fund.

 
    Section 95. The General Not For Profit Corporation Act of 
1986 is amended  by changing Section 115.10 as follows:
 



    (805 ILCS 105/115.10)  (from Ch. 32, par. 115.10)


    Sec. 115.10. Fees for filing documents. The Secretary of 
State shall charge and collect for:

        (a) Filing articles of incorporation, $50.

        (b) Filing articles of amendment, $25, unless the 
    amendment is a
restatement of the articles of 
    incorporation, in which case the fee shall
be $100.

        (c) Filing articles of merger or consolidation, $25.

        (d) Filing articles of dissolution, $5.

        (e) Filing application to reserve a corporate name, 
    $25.

        (f) Filing a notice of transfer or cancellation of a 
    reserved corporate
name, $25.

        (g) Filing statement of change of address of registered 
    office or change
of registered agent, or both, $5.

        (h) Filing an application of a foreign corporation for 
    authority to
conduct affairs in this State, $50.

        (i) Filing an application of a foreign corporation for

    amended authority to conduct affairs in this
State, $25.

        (j) Filing a copy of amendment to the articles of 
    incorporation of a
foreign corporation holding authority 
    to conduct affairs in this State, $25,
unless the amendment 
    is a restatement of the articles of incorporation, in
which 
    case the fee shall be $100.

        (k) Filing a copy of articles of merger of a foreign 
    corporation holding
authority to conduct affairs in this 
    State, $25.

        (l) Filing an application for withdrawal and final 
    report or a copy of
articles of dissolution of a foreign 
    corporation, $5.

        (m) Filing an annual report of a domestic or foreign 
    corporation, $10, of which $5 must be deposited into the 
    Charitable Trust Stabilization Fund
$5.

        (n) Filing an application for reinstatement of a 
    domestic
or a foreign corporation, $25.

        (o) Filing an application for use of an assumed 
    corporate
name,
$150 for each year or part thereof ending 
    in 0 or 5, $120 for each year or part
thereof ending in 1 or 
    6, $90 for each year or part thereof ending in 2 or 7,
$60 
    for each year or part thereof ending in 3 or 8, $30 for 
    each year or part
thereof ending in 4 or 9, and a renewal 
    fee for each assumed corporate name,
$150.

        (p) Filing an application for change or cancellation of 
    an assumed
corporate name, $5.

        (q) Filing an application to register the corporate 
    name of
a foreign corporation, $50; and an annual renewal 
    fee for
the registered name, $50.

        (r) Filing an application for cancellation of a 
    registered
name of a foreign corporation, $5.

        (s) Filing a statement of correction, $25.

        (t) Filing an election to accept this Act, $25.

        (u) Filing any other statement or report, $5.

(Source: P.A. 93-59, eff. 7-1-03; 94-605, eff. 1-1-06.)