Illinois HB1437 establishes a non-profit investment pool for tax-exempt organizations.
Illinois HB1437 amends the State Treasurer Act to allow the State Treasurer to establish and administer a non-profit investment pool and an electronic payment processing program. The pool aims to supplement and enhance investment opportunities and secure electronic payment options for not-for-profit corporations. The Treasurer can invest pool funds similarly to State Treasury funds, subject to the same limitations. The Treasurer must develop, publish, and implement an investment policy for the pool, ensuring it is reviewed and updated within 90 days of a new Treasurer's installation.
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