SB2857 100TH GENERAL ASSEMBLY

LRB100 17746 RJF 32919 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2857

Introduced 2/14/2018, by Sen. Heather A. Steans

SYNOPSIS AS INTRODUCED:

15 ILCS 505/20
30 ILCS 212/10

Amends the State Treasurer Act. Amends the State Treasurer Act. Provides that the State Treasurer may retain an administrative charge for both the costs of services associated with the deposit of moneys that are remitted directly to the State Treasurer and the investment or safekeeping of funds by the State Treasurer. Provides that administrative charges from the investment or safekeeping of funds by the State Treasurer shall be charged no more than monthly and the total amount charged per fiscal year shall not exceed $12,000,000 plus any amounts required as employer contributions under specified statutory Sections. Provides that moneys in the State Treasurer's Administrative Fund are subject to appropriation by the General Assembly. Amends the State Treasurer's Bank Services Trust Fund Act. Provides that Moneys deposited in the State Treasurer's Bank Services Trust Fund shall be used by the State Treasurer to pay the cost of, among other banking services, operational expenses of the State Treasurer's Office related to the investment or safekeeping of funds under the Treasurer's control. Makes conforming changes. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

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

Section 5. The State Treasurer Act is amended by changing Section 20 as follows:

(15 ILCS 505/20)

Sec. 20. State Treasurer administrative charge. The State Treasurer may retain an administrative charge for both the costs of services associated with the deposit of moneys that are remitted directly to the State Treasurer and the investment or safekeeping of funds by the State Treasurer. The administrative charges charge collected under this Section shall be deposited into the State Treasurer's Administrative Fund. The amount of the administrative charges charge may be determined by the State Treasurer. Administrative charges from the deposit of moneys remitted directly to the State Treasurer and shall not exceed 2% of the amount deposited. Administrative charges from the investment or safekeeping of funds by the State Treasurer shall be charged no more than monthly and the total amount charged per fiscal year shall not exceed $12,000,000 plus any amounts required as employer contributions under Section 14-131 of the Illinois Pension Code and Section 10 of the State Employees Group Insurance Act of 1971.

Administrative charges for the deposit of moneys This Section shall apply to fines, fees, or other amounts remitted directly to the State Treasurer by circuit clerks, county clerks, and other entities for deposit into a fund in the State treasury. Administrative charges for the deposit of moneys do This Section does not apply to amounts remitted by State agencies or certified collection specialists as defined in 74 Ill. Admin. Code 1200.50. Administrative charges for the deposit of moneys This Section shall apply only to any form of fines, fees, or other collections created on or after August 15, 2014 (the effective date of Public Act 98-965) this amendatory Act of the 98th General Assembly.

Moneys in the State Treasurer's Administrative Fund are subject to appropriation by the General Assembly.

(Source: P.A. 98-965, eff. 8-15-14.)

Section 10. The State Treasurer's Bank Services Trust Fund Act is amended by changing Section 10 as follows:

(30 ILCS 212/10)

Sec. 10. Creation of Fund. There is hereby created in the State treasury a special fund to be known as the State Treasurer's Bank Services Trust Fund. Moneys deposited in the Fund shall be used by the State Treasurer to pay the cost of the following banking services: processing of payments of taxes, fees, and other moneys due the State; transactional, technological, consultant, and legal service charges, and other operational expenses of the State Treasurer's Office related to the investment or safekeeping of funds under the Treasurer's control; and the cost of paying bondholders and legal services under the State's general obligation bond program.

(Source: P.A. 98-909, eff. 8-15-14.)

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