Bill Text: IL HB5057 | 2009-2010 | 96th General Assembly | Engrossed
Bill Title: Amends the University of Illinois Exercise of Functions and Duties Law of the Civil Administrative Code of Illinois. Creates an Investment Review Commission within the University, to be appointed by the President. Directs the Commission to review the reliability of the investment rating sources and tools used by agencies of the State, including the Office of the State Treasurer, the Illinois State Board of Investment, and the State-funded retirement systems. Directs the Commission to identify any investment rating sources or tools that it finds to be unreliable for the purposes for which they are being used. Directs the Commission to report its findings and recommendations at least annually to the Governor, the State Treasurer, and the General Assembly. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2010-12-02 - Placed on Calendar Order of Concurrence Senate Amendment(s) 1, 2, 3 [HB5057 Detail]
Download: Illinois-2009-HB5057-Engrossed.html
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1 | AN ACT concerning State government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The University of Illinois Exercise of Functions | ||||||
5 | and Duties Law
of the Civil Administrative Code of Illinois is | ||||||
6 | amended by adding Section 3000-10 as follows:
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7 | (110 ILCS 355/3000-10 new) | ||||||
8 | Sec. 3000-10. Investment Review Commission. | ||||||
9 | (a) There is hereby created within the University of | ||||||
10 | Illinois an Investment Review Commission. The Commission shall | ||||||
11 | review the reliability of the investment rating sources and | ||||||
12 | tools used by agencies of the State, including without | ||||||
13 | limitation the Office of the State Treasurer, the Illinois | ||||||
14 | State Board of Investment, and the State-funded retirement | ||||||
15 | systems. The Commission shall identify any investment rating | ||||||
16 | sources or tools that it finds to be unreliable for the | ||||||
17 | purposes for which they are being used, and may recommend | ||||||
18 | alternative investment rating sources and tools that it | ||||||
19 | believes to be more reliable. | ||||||
20 | The Commission shall report its findings and | ||||||
21 | recommendations at least annually to the Governor, the State | ||||||
22 | Treasurer, and the General Assembly. | ||||||
23 | (b) The Commission shall consist of at least 3 members of |
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1 | the University faculty, plus as many other persons as the | ||||||
2 | President of the University may deem appropriate. Members of | ||||||
3 | the Commission shall be appointed by the President and shall | ||||||
4 | serve at the pleasure of the President. The University and the | ||||||
5 | members of the Commission may be reimbursed for their expenses | ||||||
6 | in connection with the Commission out of any funds available to | ||||||
7 | the University for that purpose. | ||||||
8 | (c) All State agencies that are responsible for the | ||||||
9 | long-term investment of public funds, including without | ||||||
10 | limitation the Office of the State Treasurer, the Illinois | ||||||
11 | State Board of Investment, and the State-funded retirement | ||||||
12 | systems, shall cooperate with the Commission and provide any | ||||||
13 | information relating to their use of investment rating sources | ||||||
14 | and tools that the Commission may request.
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15 | Section 99. Effective date. This Act takes effect upon | ||||||
16 | becoming law.
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