30 ILCS 212/ State Treasurer's Bank Services Trust Fund Act. - Illinois Statutes

(30 ILCS 212/1)     Sec. 1. Short title. This Act may be cited as the State Treasurer's Bank Services Trust Fund Act. (Source: P.A. 87‑1035.)

(30 ILCS 212/2)     Sec. 2. Policy. The State Treasurer has been granted authority to enter into banking service agreements with financial institutions to carry out his or her constitutional and statutory responsibilities. Public entities have traditionally paid for services rendered pursuant to such agreements through the deposit of funds in those institutions. This method of compensation is generally inefficient and may result in overcompensation of financial institutions. It is in the public interest to pay financial institutions at a level commensurate with the services provided. (Source: P.A. 89‑153, eff. 7‑14‑95.)

(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 charges related to the investment or safekeeping of funds under the Treasurer's control; and the cost of paying bondholders under the State's general obligation bond program. (Source: P.A. 89‑153, eff. 7‑14‑95.)

(30 ILCS 212/15)     Sec. 15. Fund deposits and payments. The State Treasurer shall transfer each month from the General Revenue Fund to the State Treasurer's Bank Services Trust Fund one‑twelfth of the amount appropriated annually by the General Assembly for this purpose. The Treasurer may waive the monthly transfer of funds from the General Revenue Fund to the State Treasurer's Bank Services Trust Fund if at any time he or she determines that the balance in the State Treasurer's Bank Services Trust Fund is adequate to pay outstanding obligations. (Source: P.A. 89‑153, eff. 7‑14‑95.)

(30 ILCS 212/25)     Sec. 25. This Act takes effect upon becoming law. (Source: P.A. 87‑1035.)