(30 ILCS 160/1)

(from Ch. 127, par. 4001)

Sec. 1.

This Act may be cited as the Public Use Trust Act.

(Source: P.A. 87‑550.)

(30 ILCS 160/2)

(from Ch. 127, par. 4002)

Sec. 2.

(a) The Department of Agriculture, the Department of Natural Resources, and the Historic Preservation Agency have the power to enter into a trust agreement with a person or group of persons under which the State agency may receive or collect money or other property from the person or group of persons and may expend such money or property solely for a public purpose within the powers and duties of that State agency and stated in the trust agreement. The State agency shall be the trustee under any such trust agreement.

(b) Money or property received under a trust agreement shall not be deposited in the State treasury and is not subject to appropriation by the General Assembly, but shall be held and invested by the trustee separate and apart from the State treasury. The trustee shall invest money or property received under a trust agreement as provided for trustees under the Trusts and Trustees Act or as otherwise provided in the trust agreement.

(c) The trustee shall maintain detailed records of all receipts and disbursements in the same manner as required for trustees under the Trusts and Trustees Act. The trustee shall provide an annual accounting of all receipts, disbursements, and inventory to all donors to the trust and the Auditor General. The annual accounting shall be made available to any member of the public upon request.

(Source: P.A. 89‑445, eff. 2‑7‑96.)

(30 ILCS 160/3)

(from Ch. 127, par. 4003)

Sec. 3.

The Auditor General shall audit every trust created under this Act from time to time as deemed necessary by the Auditor General. The State Comptroller shall prescribe any rules or guidelines deemed necessary for the administration, regulation, or operation of these trusts.

(Source: P.A. 87‑550.)

(30 ILCS 160/4)

(from Ch. 127, par. 4004)

Sec. 4.

If a State agency listed in Section 2, as trustee, violates its fiduciary duty under the trust agreement, any person who is a party to the trust agreement may bring suit in circuit court to enforce the terms of the trust.

(Source: P.A. 87‑550.)