Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payment processing program to supplement and enhance investment opportunities and secure electronic payment options otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Provides that the Treasurer shall adopt rules for the efficient administration of the pool.
Senate Floor Amendment No. 1: Provides that not-for-profit corporations exempt from taxation under Section 501(c)(c) or 501(c)(5) of the Internal Revenue Code (rather than Section 501(c)(3), 501(c)(4), 501(c)(5), or 501(c)(6) of the Internal Revenue Code) are eligible to participate in the non-profit investment pool.

Statutes affected:
Introduced: 15 ILCS 505/17
Engrossed: 15 ILCS 505/17
Enrolled: 15 ILCS 505/17