Illinois Compiled Statutes 10 ILCS 5/1A-50 – The ERIC Operations Trust Fund
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The ERIC Operations Trust Fund (Trust Fund) is created as a nonappropriated trust fund to be held outside of the State treasury, with the State Treasurer as ex officio custodian. The Trust Fund shall be financed by a combination of private donations and by appropriations by the General Assembly. The Board may accept from all sources, contributions, grants, gifts, bequeaths, legacies of money, and securities to be deposited into the Trust Fund. All deposits shall become part of the Trust Fund corpus. Moneys in the Trust Fund are not subject to appropriation and shall be used by the Board solely for the costs and expenses related to the participation in the Electronic Registration Information Center pursuant to this Code.
All gifts, grants, assets, funds, or moneys received by the Board for the purpose of participation in the Electronic Registration Information Center shall be deposited and held in the Trust Fund by the State Treasurer separate and apart from all public moneys or funds of this State and shall be administered by the Board exclusively for the purposes set forth in this Section. All moneys in the Trust Fund shall be invested and reinvested by the State Treasurer. All interest accruing from these investments shall be deposited in the Trust Fund.
The ERIC Operations Trust Fund is not subject to sweeps, administrative charge-backs, or any other fiscal or budgetary maneuver that would in any way transfer any amounts from the ERIC Operations Trust Fund into any other fund of the State.
All gifts, grants, assets, funds, or moneys received by the Board for the purpose of participation in the Electronic Registration Information Center shall be deposited and held in the Trust Fund by the State Treasurer separate and apart from all public moneys or funds of this State and shall be administered by the Board exclusively for the purposes set forth in this Section. All moneys in the Trust Fund shall be invested and reinvested by the State Treasurer. All interest accruing from these investments shall be deposited in the Trust Fund.
Terms Used In Illinois Compiled Statutes 10 ILCS 5/1A-50
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Ex officio: Literally, by virtue of one's office.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
The ERIC Operations Trust Fund is not subject to sweeps, administrative charge-backs, or any other fiscal or budgetary maneuver that would in any way transfer any amounts from the ERIC Operations Trust Fund into any other fund of the State.