SB 3086

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Full Text of SB3086
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	SB3086 - 104th General Assembly
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		SB3086 Enrolled		LRB104 17721 SPS 31152 b
1    AN ACT concerning State government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Deposit of State Moneys Act is amended by
5changing Section 22.5 as follows:
6    (15 ILCS 520/22.5)  (from Ch. 130, par. 41a)
7    (For force and effect of certain provisions, see Section
890 of P.A. 94-79)
9    Sec. 22.5. Permitted investments. The State Treasurer may
10invest and reinvest any State money in the State Treasury
11which is not needed for current expenditures due or about to
12become due, in obligations of the United States government or
13its agencies or of National Mortgage Associations established
14by or under the National Housing Act, 12 U.S.C. 1701 et seq.,
15or in mortgage participation certificates representing
16undivided interests in specified, first-lien conventional
17residential Illinois mortgages that are underwritten, insured,
18guaranteed, or purchased by the Federal Home Loan Mortgage
19Corporation or in Affordable Housing Program Trust Fund Bonds
20or Notes as defined in and issued pursuant to the Illinois
21Housing Development Act. All such obligations shall be
22considered as cash and may be delivered over as cash by a State
23Treasurer to his successor.
		SB3086 Enrolled	- 2 -	LRB104 17721 SPS 31152 b
1    The State Treasurer may purchase any state bonds with any
2money in the State Treasury that has been set aside and held
3for the payment of the principal of and interest on the bonds.
4The bonds shall be considered as cash and may be delivered over
5as cash by the State Treasurer to his successor.
6    The State Treasurer may invest or reinvest any State money
7in the State Treasury that is not needed for current
8expenditures due or about to become due, or any money in the
9State Treasury that has been set aside and held for the payment
10of the principal of and interest on any State bonds, in bonds
11issued by counties or municipal corporations of the State of
12Illinois.
13    The State Treasurer may invest or reinvest up to 5% of the
14College Savings Pool Administrative Trust Fund, the Illinois
15Public Treasurer Investment Pool (IPTIP) Administrative Trust
16Fund, and the State Treasurer's Administrative Fund that is
17not needed for current expenditures due or about to become
18due, in common or preferred stocks of publicly traded
19corporations, partnerships, or limited liability companies,
20organized in the United States, with assets exceeding
21$500,000,000 if: (i) the purchases do not exceed 1% of the
22corporation's or the limited liability company's outstanding
23common and preferred stock; (ii) no more than 10% of the total
24funds are invested in any one publicly traded corporation,
25partnership, or limited liability company; and (iii) the
26corporation or the limited liability company has not been
		SB3086 Enrolled	- 3 -	LRB104 17721 SPS 31152 b
1placed on the list of restricted companies by the Illinois
2Investment Policy Board under Section 1-110.16 of the Illinois
3Pension Code.
4    Whenever the total amount of vouchers presented to the
5Comptroller under Section 9 of the State Comptroller Act
6exceeds the funds available in the General Revenue Fund by
7$500,000,000 or more, then the State Treasurer may invest any
8State money in the State Treasury, other than money in the
9General Revenue Fund, Health Insurance Reserve Fund, Attorney
10General Court Ordered and Voluntary Compliance Payment
11Projects Fund, Attorney General Whistleblower Reward and
12Protection Fund, and Attorney General's State Projects and
13Court Ordered Distribution Fund, which is not needed for
14current expenditures, due or about to become due, or any money
15in the State Treasury which has been set aside and held for the
16payment of the principal of and the interest on any State bonds
17with the Office of the Comptroller in order to enable the
18Comptroller to pay outstanding vouchers. At any time, and from
19time to time outstanding, such investment shall not be greater
20than $2,000,000,000. Such investment shall be deposited into
21the General Revenue Fund or Health Insurance Reserve Fund as
22determined by the Comptroller. On or after July 1, 2025, and
23through June 30, 2026, at the request of the Governor and with
24the approval of the Treasurer, the Comptroller may make
25deposits into other funds in the State Treasury to pay
26outstanding vouchers or in anticipation of vouchers that may
		SB3086 Enrolled	- 4 -	LRB104 17721 SPS 31152 b
1be submitted to the Comptroller for payment. Such investment
2shall be repaid by the Comptroller with an interest rate tied
3to the Secured Overnight Financing Rate (SOFR) or the Federal
4Funds Rate or an equivalent market established variable rate,
5but in no case shall such interest rate exceed the lesser of
6the penalty rate established under the State Prompt Payment
7Act or the timely pay interest rate under Section 368a of the
8Illinois Insurance Code. The State Treasurer and the
9Comptroller shall enter into an intergovernmental agreement to
10establish procedures for such investments, which market
11established variable rate to which the interest rate for the
12investments should be tied, and other terms which the State
13Treasurer and Comptroller reasonably believe to be mutually
14beneficial concerning these investments by the State
15Treasurer. The State Treasurer and Comptroller shall also
16enter into a written agreement for each such investment that
17specifies the period of the investment, the payment interval,
18the interest rate to be paid, the funds in the State Treasury
19from which the State Treasurer will draw the investment, and
20other terms upon which the State Treasurer and Comptroller
21mutually agree. Such investment agreements shall be public
22records and the State Treasurer shall post the terms of all
23such investment agreements on the State Treasurer's official
24website. In compliance with the intergovernmental agreement,
25the Comptroller shall order and the State Treasurer shall
26transfer amounts sufficient for the payment of principal and
		SB3086 Enrolled	- 5 -	LRB104 17721 SPS 31152 b
1interest invested by the State Treasurer with the Office of
2the Comptroller under this paragraph from the General Revenue
3Fund or the Health Insurance Reserve Fund or, from July 1, 2025
4through June 30, 2026, the fund identified by the Governor, to
5the respective funds in the State Treasury from which the
6State Treasurer drew the investment. Public Act 100-1107 shall
7constitute an irrevocable and continuing authority for all
8amounts necessary for the payment of principal and interest on
9the investments made with the Office of the Comptroller by the
10State Treasurer under this paragraph, and the irrevocable and
11continuing authority for and direction to the Comptroller and
12State Treasurer to make the necessary transfers.
13    The State Treasurer may invest or reinvest any State money
14in the State Treasury that is not needed for current
15expenditure, due or about to become due, or any money in the
16State Treasury that has been set aside and held for the payment
17of the principal of and the interest on any State bonds, in any
18of the following:
19        (1) Bonds, notes, certificates of indebtedness,
20    Treasury bills, or other securities now or hereafter
21    issued that are guaranteed by the full faith and credit of
22    the United States of America as to principal and interest.
23        (2) Bonds, notes, debentures, or other similar
24    obligations of the United States of America, its agencies,
25    and instrumentalities, or other obligations that are
26    issued or guaranteed by supranational entities; provided,
		SB3086 Enrolled	- 6 -	LRB104 17721 SPS 31152 b
1    that at the time of investment, the entity has the United
2    States government as a shareholder.
3        (2.5) Bonds, notes, debentures, or other similar
4    obligations of a foreign government, other than the
5    Republic of the Sudan, that are guaranteed by the full
6    faith and credit of that government as to principal and
7    interest, but only if the foreign government has not
8    defaulted and has met its payment obligations in a timely
9    manner on all similar obligations for a period of at least
10    25 years immediately before the time of acquiring those
11    obligations.
12        (3) Interest-bearing savings accounts,
13    interest-bearing certificates of deposit,
14    interest-bearing time deposits, or any other investments
15    constituting direct obligations of any bank as defined by
16    the Illinois Banking Act.
17        (4) Interest-bearing accounts, certificates of
18    deposit, or any other investments constituting direct
19    obligations of any savings and loan associations
20    incorporated under the laws of this State or any other
21    state or under the laws of the United States.
22        (5) Dividend-bearing share accounts, share certificate
23    accounts, or class of share accounts of a credit union
24    chartered under the laws of this State or the laws of the
25    United States; provided, however, the principal office of
26    the credit union must be located within the State of
		SB3086 Enrolled	- 7 -	LRB104 17721 SPS 31152 b
1    Illinois.
2        (6) Bankers' acceptances of banks whose senior
3    obligations are rated in the top 2 rating categories by 2
4    national rating agencies and maintain that rating during
5    the term of the investment and the bank has not been placed
6    on the list of restricted companies by the Illinois
7    Investment Policy Board under Section 1-110.16 of the
8    Illinois Pension Code.
9        (7) Short-term obligations of either corporations or
10    limited liability companies organized in the United States
11    with assets exceeding $500,000,000 if (i) the obligations
12    are rated at the time of purchase at one of the 3 highest
13    classifications established by at least 2 standard rating
14    services and mature not later than 270 days from the date
15    of purchase, (ii) the purchases do not exceed 10% of the
16    corporation's or the limited liability company's
17    outstanding obligations, (iii) no more than one-third of
18    the public agency's funds are invested in short-term
19    obligations of either corporations or limited liability
20    companies, and (iv) the corporation or the limited
21    liability company has not been placed on the list of
22    restricted companies by the Illinois Investment Policy
23    Board under Section 1-110.16 of the Illinois Pension Code.
24        (7.5) Obligations of either corporations or limited
25    liability companies organized in the United States, that
26    have a significant presence in this State, with assets
		SB3086 Enrolled	- 8 -	LRB104 17721 SPS 31152 b
1    exceeding $500,000,000 if: (i) the obligations are rated
2    at the time of purchase at one of the 3 highest
3    classifications established by at least 2 standard rating
4    services and mature more than 270 days, but less than 10
5    years, from the date of purchase; (ii) the purchases do
6    not exceed 10% of the corporation's or the limited
7    liability company's outstanding obligations; (iii) no more
8    than one-third of the public agency's funds are invested
9    in such obligations of corporations or limited liability
10    companies; and (iv) the corporation or the limited
11    liability company has not been placed on the list of
12    restricted companies by the Illinois Investment Policy
13    Board under Section 1-110.16 of the Illinois Pension Code.
14        (8) Money market mutual funds registered under the
15    Investment Company Act of 1940.
16        (9) The Public Treasurers' Investment Pool created
17    under Section 17 of the State Treasurer Act or in a fund
18    managed, operated, and administered by a bank.
19        (9.5) Pooled investment trusts that are registered as 
20    an open-end investment company with the Securities and 
21    Exchange Commission and with voting trustees that are 
22    officers or employees of a national labor federation, or 
23    any member unions thereof, with assets exceeding 
24    $1,000,000,000 if: (i) the purchases do not exceed 5% of 
25    the issuers' total assets and (ii) no more than 1% of the 
26    public agency's funds are invested in the pooled 
		SB3086 Enrolled	- 9 -	LRB104 17721 SPS 31152 b
1    investment trust.
2        (10) Repurchase agreements of government securities
3    having the meaning set out in the Government Securities
4    Act of 1986, as now or hereafter amended or succeeded,
5    subject to the provisions of that Act and the regulations
6    issued thereunder.
7        (11) Investments made in accordance with the
8    Technology Development Act.
9        (12) Investments made in accordance with the Student
10    Investment Account Act.
11        (13) Investments constituting direct obligations of a
12    community development financial institution, which is
13    certified by the United States Treasury Community
14    Development Financial Institutions Fund and is operating
15    in the State of Illinois.
16        (14) Investments constituting direct obligations of a
17    minority depository institution, as designated by the
18    Federal Deposit Insurance Corporation, that is operating
19    in the State of Illinois.
20        (15) Investments made in accordance with any other law
21    that authorizes the State Treasurer to invest or deposit
22    funds.
23    For purposes of this Section, "agencies" of the United
24States Government includes:
25        (i) the federal land banks, federal intermediate
26    credit banks, banks for cooperatives, federal farm credit
		SB3086 Enrolled	- 10 -	LRB104 17721 SPS 31152 b
1    banks, or any other entity authorized to issue debt
2    obligations under the Farm Credit Act of 1971 (12 U.S.C.
3    2001 et seq.) and Acts amendatory thereto;
4        (ii) the federal home loan banks and the federal home
5    loan mortgage corporation;
6        (iii) the Commodity Credit Corporation; and
7        (iv) any other agency created by Act of Congress.
8    The State Treasurer may lend any securities acquired under
9this Act. However, securities may be lent under this Section
10only in accordance with Federal Financial Institution
11Examination Council guidelines and only if the securities are
12collateralized at a level sufficient to assure the safety of
13the securities, taking into account market value fluctuation.
14The securities may be collateralized by cash or collateral
15acceptable under Sections 11 and 11.1.
16(Source: P.A. 104-2, eff. 6-16-25.)
17    Section 99. Effective date. This Act takes effect upon
18becoming law.