Bill Text: IL HB2984 | 2023-2024 | 103rd General Assembly | Engrossed

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Bill Title: Amends the Deposit of State Moneys Act and the Public Funds Investment Act. Prohibits the investment of State moneys and public funds in certain investments or institutions tied to the Chinese Communist Party or the People's Republic of China. Amends the Procurement Code. Provides that each bid or offer submitted for a State contract shall include a disclosure of whether or not the bidder, offeror, or any of its corporate parents or subsidiaries, within the 24 months before submission of the bid or offer had business operations that involved contracts with or provision of supplies or services to the Chinese Communist Party and certain other companies tied to the Chinese Communist Party. Amends the Illinois Pension Code. Provides that the State-funded retirement systems shall not invest moneys in Chinese Communist Party sovereign debt, Chinese Communist Party-backed securities, any investment instrument issued by an entity that is domiciled or has its principal place of business in the People's Republic of China, or any investment instrument issued by a company that is subject to Chinese Military-Industrial Complex Companies Sanctions. Provides that as soon as practicable, each State-funded retirement system shall instruct its investment advisors to sell, redeem, divest, or withdraw all direct holdings of Chinese Communist Party sovereign debt and direct holdings of Chinese Communist Party-backed securities. Requires the Illinois Investment Policy Board to make its best efforts to identify all companies that are domiciled or have their principal place of business in the People's Republic of China and companies subject to Chinese Military-Industrial Complex Companies Sanctions and to include those companies in the list of restricted companies. Makes other changes. Amends the Board of Higher Education Act. Provides that the Board of Higher Education shall require a public institution of higher education to disclose to the Board any endowment or other donation given to the institution from a source associated with any company that is domiciled or has its principal place of business in the People's Republic of China and is on the list of restricted companies developed by the Illinois Investment Policy Board. Makes other changes.

Spectrum: Partisan Bill (Republican 15-0)

Status: (Introduced) 2023-09-08 - Added Co-Sponsor Rep. Travis Weaver [HB2984 Detail]

Download: Illinois-2023-HB2984-Engrossed.html

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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Deposit of State Moneys Act is amended by
adding Section 22.10 as follows:
(15 ILCS 520/22.10 new)
Sec. 22.10. Chinese investments prohibited.
Notwithstanding any provision of law to the contrary, the
State Treasurer shall not invest State money in Chinese
Communist Party sovereign debt, Chinese Communist Party-backed
securities, any investment instrument issued by an entity that
is domiciled or has its principal place of business in the
People's Republic of China, or any investment instrument
issued by a company that is subject to Chinese
Military-Industrial Complex Companies Sanctions, as that term
is defined under Section 1-110.16 of the Illinois Pension
Code, and shall not invest or deposit State money in any bank
that is domiciled or has its principal place of business in the
People's Republic of China or in any other financial
institution that is domiciled or has its principal place of
business in the People's Republic of China or that is subject
to Chinese Military-Industrial Complex Companies Sanctions.

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Section 10. The Public Funds Investment Act is amended by
adding Section 2.4 as follows:
(30 ILCS 235/2.4 new)
Sec. 2.4. Chinese investments prohibited. Notwithstanding
any provision of law to the contrary, a public agency shall not
invest public funds in Chinese Communist Party sovereign debt,
Chinese Communist Party-backed securities, or any investment
instrument issued by an entity that is domiciled or has its
principal place of business in the People's Republic of China,
or any investment instrument issued by a company that is
subject to Chinese Military-Industrial Complex Companies
Sanctions, as that term is defined under Section 1-110.16 of
the Illinois Pension Code, and shall not invest or deposit
public funds in any bank that is domiciled or has its principal
place of business in the People's Republic of China or in any
other financial institution that is domiciled or has its
principal place of business in the People's Republic of China
or that is subject to Chinese Military-Industrial Complex
Companies Sanctions.
Section 15. The Illinois Procurement Code is amended by
adding Section 50-36.5 as follows:
(30 ILCS 500/50-36.5 new)
Sec. 50-36.5. Disclosure of business in the People's

HB2984 Engrossed - 3 - LRB103 29864 RPS 56273 b
Republic of China.
(a) As used in this Section:
"Business operations" means engaging in commerce in any
form in the People's Republic of China, including, but not
limited to, acquiring, developing, maintaining, owning,
selling, possessing, leasing, or operating equipment,
facilities, personnel, products, services, personal property,
real property, or any other apparatus of business or commerce.
"Company" means any sole proprietorship, organization,
association, corporation, partnership, joint venture, limited
partnership, limited liability partnership, limited liability
company, or other entity or business association, including
all wholly owned subsidiaries, majority-owned subsidiaries,
parent companies, or affiliates of those entities or business
associations, that exists for the purpose of making profit.
(b) Each bid or offer submitted for a State contract shall
include a disclosure of whether or not the bidder, offeror, or
any of its corporate parents or subsidiaries, within the 24
months before submission of the bid or offer had business
operations that involved contracts with or provision of
supplies or services to the Chinese Communist Party, companies
in which the Chinese Communist Party has any direct or
indirect equity share, consortiums or projects commissioned by
the Chinese Communist Party, or companies involved in
consortiums or projects commissioned by the Chinese Communist
Party.

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(c) A bid or offer that does not include the disclosure
required by subsection (b) may be given a period after the bid
or offer is submitted to cure non-disclosure. A chief
procurement officer may consider the disclosure when
evaluating the bid or offer or awarding the contract.
(d) Each chief procurement officer shall provide the State
Comptroller with the name of each entity disclosed under
subsection (b) as doing business or having done business in
the People's Republic of China. The State Comptroller shall
post that information on his or her official website.
Section 20. The Illinois Pension Code is amended by
changing Section 1-110.16 as follows:
(40 ILCS 5/1-110.16)
Sec. 1-110.16. Transactions prohibited by retirement
systems; Illinois Investment Policy Board companies that
boycott Israel, for-profit companies that contract to shelter
migrant children, Iran-restricted companies, Sudan-restricted
companies, expatriated entities, companies that are domiciled
or have their principal place of business in Russia or
Belarus, and companies that are subject to Russian Harmful
Foreign Activities Sanctions.
(a) As used in this Section:
"Boycott Israel" means engaging in actions that are
politically motivated and are intended to penalize,

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inflict economic harm on, or otherwise limit commercial
relations with the State of Israel or companies based in
the State of Israel or in territories controlled by the
State of Israel.
"Company" means any sole proprietorship, organization,
association, corporation, partnership, joint venture,
limited partnership, limited liability partnership,
limited liability company, or other entity or business
association, including all wholly owned subsidiaries,
majority-owned subsidiaries, parent companies, or
affiliates of those entities or business associations,
that exist for the purpose of making profit.
"Company that is subject to Russian Harmful Foreign
Activities Sanctions" means a company that is subject to
sanctions under the Russian Harmful Foreign Activities
Sanctions Regulations (31 CFR Part 587), any Presidential
Executive Order imposing sanctions against Russia, or any
federal directive issued pursuant to any such Executive
Order.
"Company that is subject to Chinese
Military-Industrial Complex Companies Sanctions" means a
company that is subject to sanctions under the Chinese
Military-Industrial Complex Companies Sanctions
Regulations (31 CFR Part 586), any Presidential Executive
Order imposing sanctions against the People's Republic of
China or the Chinese Communist Party, or any federal

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directive issued pursuant to any such Executive Order.
"Contract to shelter migrant children" means entering
into a contract with the federal government to shelter
migrant children under the federal Unaccompanied Alien
Children Program or a substantially similar federal
program.
"Direct holdings" in a company means all publicly
traded securities of that company that are held directly
by the retirement system in an actively managed account or
fund in which the retirement system owns all shares or
interests.
"Expatriated entity" has the meaning ascribed to it in
Section 1-15.120 of the Illinois Procurement Code.
"Illinois Investment Policy Board" means the board
established under subsection (b) of this Section.
"Indirect holdings" in a company means all securities
of that company that are held in an account or fund, such
as a mutual fund, managed by one or more persons not
employed by the retirement system, in which the retirement
system owns shares or interests together with other
investors not subject to the provisions of this Section or
that are held in an index fund.
"Iran-restricted company" means a company that meets
the qualifications under Section 1-110.15 of this Code.
"Private market fund" means any private equity fund,
private equity funds of funds, venture capital fund, hedge

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fund, hedge fund of funds, real estate fund, or other
investment vehicle that is not publicly traded.
"Restricted companies" means companies that boycott
Israel, for-profit companies that contract to shelter
migrant children, Iran-restricted companies,
Sudan-restricted companies, expatriated entities,
companies that are domiciled or have their principal place
of business in Russia or Belarus, and companies that are
subject to Russian Harmful Foreign Activities Sanctions,
companies that are domiciled or have their principal place
of business in the People's Republic of China, and
companies that are subject to Chinese Military-Industrial
Complex Companies Sanctions.
"Retirement system" means a retirement system
established under Article 2, 14, 15, 16, or 18 of this Code
or the Illinois State Board of Investment.
"Sudan-restricted company" means a company that meets
the qualifications under Section 1-110.6 of this Code.
(b) There shall be established an Illinois Investment
Policy Board. The Illinois Investment Policy Board shall
consist of 7 members. Each board of a pension fund or
investment board created under Article 15, 16, or 22A of this
Code shall appoint one member, and the Governor shall appoint
4 members. The Governor shall designate one member of the
Board as the Chairperson.
(b-5) The term of office of each member appointed by the

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Governor, who is serving on the Board on June 30, 2022, is
abolished on that date. The terms of office of members
appointed by the Governor after June 30, 2022 shall be as
follows: 2 initial members shall be appointed for terms of 2
years, and 2 initial members shall be appointed for terms of 4
years. Thereafter, the members appointed by the Governor shall
hold office for 4 years, except that any member chosen to fill
a vacancy occurring otherwise than by expiration of a term
shall be appointed only for the unexpired term of the member
whom he or she shall succeed. Board members may be
reappointed. The Governor may remove a Governor's appointee to
the Board for incompetence, neglect of duty, malfeasance, or
inability to serve.
(c) Notwithstanding any provision of law to the contrary,
beginning January 1, 2016, Sections 1-110.15 and 1-110.6 of
this Code shall be administered in accordance with this
Section.
(d) By April 1, 2016, the Illinois Investment Policy Board
shall make its best efforts to identify all Iran-restricted
companies, Sudan-restricted companies, and companies that
boycott Israel and assemble those identified companies into a
list of restricted companies, to be distributed to each
retirement system.
These efforts shall include the following, as appropriate
in the Illinois Investment Policy Board's judgment:
(1) reviewing and relying on publicly available

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information regarding Iran-restricted companies,
Sudan-restricted companies, and companies that boycott
Israel, including information provided by nonprofit
organizations, research firms, and government entities;
(2) contacting asset managers contracted by the
retirement systems that invest in Iran-restricted
companies, Sudan-restricted companies, and companies that
boycott Israel;
(3) contacting other institutional investors that have
divested from or engaged with Iran-restricted companies,
Sudan-restricted companies, and companies that boycott
Israel; and
(4) retaining an independent research firm to identify
Iran-restricted companies, Sudan-restricted companies,
and companies that boycott Israel.
The Illinois Investment Policy Board shall review the list
of restricted companies on a quarterly basis based on evolving
information from, among other sources, those listed in this
subsection (d) and distribute any updates to the list of
restricted companies to the retirement systems and the State
Treasurer.
By April 1, 2018, the Illinois Investment Policy Board
shall make its best efforts to identify all expatriated
entities and include those companies in the list of restricted
companies distributed to each retirement system and the State
Treasurer. These efforts shall include the following, as

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appropriate in the Illinois Investment Policy Board's
judgment:
(1) reviewing and relying on publicly available
information regarding expatriated entities, including
information provided by nonprofit organizations, research
firms, and government entities;
(2) contacting asset managers contracted by the
retirement systems that invest in expatriated entities;
(3) contacting other institutional investors that have
divested from or engaged with expatriated entities; and
(4) retaining an independent research firm to identify
expatriated entities.
By July 1, 2022, the Illinois Investment Policy Board
shall make its best efforts to identify all for-profit
companies that contract to shelter migrant children and
include those companies in the list of restricted companies
distributed to each retirement system. These efforts shall
include the following, as appropriate in the Illinois
Investment Policy Board's judgment:
(1) reviewing and relying on publicly available
information regarding for-profit companies that contract
to shelter migrant children, including information
provided by nonprofit organizations, research firms, and
government entities;
(2) contacting asset managers contracted by the
retirement systems that invest in for-profit companies

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that contract to shelter migrant children;
(3) contacting other institutional investors that have
divested from or engaged with for-profit companies that
contract to shelter migrant children; and
(4) retaining an independent research firm to identify
for-profit companies that contract to shelter migrant
children.
No later than 6 months after the effective date of this
amendatory Act of the 102nd General Assembly, the Illinois
Investment Policy Board shall make its best efforts to
identify all companies that are domiciled or have their
principal place of business in Russia or Belarus and companies
that are subject to Russian Harmful Foreign Activities
Sanctions and include those companies in the list of
restricted companies distributed to each retirement system.
These efforts shall include the following, as appropriate in
the Illinois Investment Policy Board's judgment:
(1) reviewing and relying on publicly available
information regarding companies that are domiciled or have
their principal place of business in Russia or Belarus and
companies that are subject to Russian Harmful Foreign
Activities Sanctions, including information provided by
nonprofit organizations, research firms, and government
entities;
(2) contacting asset managers contracted by the
retirement systems that invest in companies that are

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domiciled or have their principal place of business in
Russia or Belarus and companies that are subject to
Russian Harmful Foreign Activities Sanctions;
(3) contacting other institutional investors that have
divested from or engaged with companies that are domiciled
or have their principal place of business in Russia or
Belarus and companies that are subject to Russian Harmful
Foreign Activities Sanctions; and
(4) retaining an independent research firm to identify
companies that are domiciled or have their principal place
of business in Russia or Belarus and companies that are
subject to Russian Harmful Foreign Activities Sanctions.
No later than 6 months after the effective date of this
amendatory Act of the 103rd General Assembly, the Illinois
Investment Policy Board shall make its best efforts to
identify all companies that are domiciled or have their
principal place of business in the People's Republic of China
and companies that are subject to Chinese Military-Industrial
Complex Companies Sanctions and include those companies in the
list of restricted companies distributed to each retirement
system. These efforts shall include the following, as
appropriate in the Illinois Investment Policy Board's
judgment:
(1) reviewing and relying on publicly available
information regarding companies that are domiciled or have
their principal place of business in the People's Republic

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of China and companies that are subject to Chinese
Military-Industrial Complex Companies Sanctions,
including information provided by nonprofit organizations,
research firms, and government entities;
(2) contacting asset managers contracted by the
retirement systems that invest in companies that are
domiciled or have their principal place of business in the
People's Republic of China and companies that are subject
to Chinese Military-Industrial Complex Companies
Sanctions;
(3) contacting other institutional investors that have
divested from or engaged with companies that are domiciled
or have their principal place of business in the People's
Republic of China and companies that are subject to
Chinese Military-Industrial Complex Companies Sanctions;
and
(4) retaining an independent research firm to identify
companies that are domiciled or have their principal place
of business in the People's Republic of China and
companies that are subject to Chinese Military-Industrial
Complex Companies Sanctions.
(e) The Illinois Investment Policy Board shall adhere to
the following procedures for companies on the list of
restricted companies:
(1) For each company newly identified in subsection
(d), the Illinois Investment Policy Board, unless it

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determines by an affirmative vote that it is unfeasible,
shall send a written notice informing the company of its
status and that it may become subject to divestment or
shareholder activism by the retirement systems.
(2) If, following the Illinois Investment Policy
Board's engagement pursuant to this subsection (e) with a
restricted company, that company ceases activity that
designates the company to be an Iran-restricted company, a
Sudan-restricted company, a company that boycotts Israel,
an expatriated entity, or a for-profit company that
contracts to shelter migrant children, the company shall
be removed from the list of restricted companies and the
provisions of this Section shall cease to apply to it
unless it resumes such activities.
(3) For a company that is domiciled or has its
principal place of business in Russia or Belarus, if,
following the Illinois Investment Policy Board's
engagement pursuant to this subsection (e), that company
is no longer domiciled or has its principal place of
business in Russia or Belarus, the company shall be
removed from the list of restricted companies and the
provisions of this Section shall cease to apply to it
unless it becomes domiciled or has its principal place of
business in Russia or Belarus.
(4) For a company that is subject to Russian Harmful
Foreign Activities Sanctions, if, following the Illinois

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Investment Policy Board's engagement pursuant to this
subsection (e), that company is no longer subject to
Russian Harmful Foreign Activities Sanctions, the company
shall be removed from the list of restricted companies and
the provisions of this Section shall cease to apply to it
unless it becomes subject to Russian Harmful Foreign
Activities Sanctions.
(5) For a company that is domiciled or has its
principal place of business in the People's Republic of
China, if, following the Illinois Investment Policy
Board's engagement pursuant to this subsection (e), that
company is no longer domiciled or has its principal place
of business in the People's Republic of China, the company
shall be removed from the list of restricted companies and
the provisions of this Section shall cease to apply to it
unless it becomes domiciled or has its principal place of
business in the People's Republic of China.
(6) For a company that is subject to Chinese
Military-Industrial Complex Companies Sanctions, if,
following the Illinois Investment Policy Board's
engagement pursuant to this subsection (e), that company
is no longer subject to Chinese Military-Industrial
Complex Companies Sanctions, the company shall be removed
from the list of restricted companies and the provisions
of this Section shall cease to apply to it unless it
becomes subject to Chinese Military-Industrial Complex

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Companies Sanctions.
(f) Except as provided in subsection (f-1) of this Section
the retirement system shall adhere to the following procedures
for companies on the list of restricted companies:
(1) The retirement system shall identify those
companies on the list of restricted companies in which the
retirement system owns direct holdings and indirect
holdings.
(2) The retirement system shall instruct its
investment advisors to sell, redeem, divest, or withdraw
all direct holdings of restricted companies from the
retirement system's assets under management in an orderly
and fiduciarily responsible manner within 12 months after
the company's most recent appearance on the list of
restricted companies.
(3) The retirement system may not acquire securities
of restricted companies.
(4) The provisions of this subsection (f) do not apply
to the retirement system's indirect holdings or private
market funds. The Illinois Investment Policy Board shall
submit letters to the managers of those investment funds
containing restricted companies requesting that they
consider removing the companies from the fund or create a
similar actively managed fund having indirect holdings
devoid of the companies. If the manager creates a similar
fund, the retirement system shall replace all applicable

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investments with investments in the similar fund in an
expedited timeframe consistent with prudent investing
standards.
(f-1) The retirement system shall adhere to the following
procedures for restricted companies that are expatriated
entities or for-profit companies that contract to shelter
migrant children:
(1) To the extent that the retirement system believes
that shareholder activism would be more impactful than
divestment, the retirement system shall have the authority
to engage with a restricted company prior to divesting.
(2) Subject to any applicable State or Federal laws,
methods of shareholder activism utilized by the retirement
system may include, but are not limited to, bringing
shareholder resolutions and proxy voting on shareholder
resolutions.
(3) The retirement system shall report on its
shareholder activism and the outcome of such efforts to
the Illinois Investment Policy Board by April 1 of each
year.
(4) If the engagement efforts of the retirement system
are unsuccessful, then it shall adhere to the procedures
under subsection (f) of this Section.
(f-5) Beginning on the effective date of this amendatory
Act of the 102nd General Assembly, no retirement system shall
invest moneys in Russian or Belarusian sovereign debt, Russian

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or Belarusian government-backed securities, any investment
instrument issued by an entity that is domiciled or has its
principal place of business in Russia or Belarus, or any
investment instrument issued by a company that is subject to
Russian Harmful Foreign Activities Sanctions, and no
retirement system shall invest or deposit State moneys in any
bank that is domiciled or has its principal place of business
in Russia or Belarus. As soon as practicable after the
effective date of this amendatory Act of the 102nd General
Assembly, each retirement system shall instruct its investment
advisors to sell, redeem, divest, or withdraw all direct
holdings of Russian or Belarusian sovereign debt and direct
holdings of Russian or Belarusian government-backed securities
from the retirement system's assets under management in an
orderly and fiduciarily responsible manner.
Notwithstanding any provision of this Section to the
contrary, a retirement system may cease divestment pursuant to
this subsection (f-5) if clear and convincing evidence shows
that the value of investments in such Russian or Belarusian
sovereign debt and Russian or Belarusian government-backed
securities becomes equal to or less than 0.05% of the market
value of all assets under management by the retirement system.
For any cessation of divestment authorized by this subsection
(f-5), the retirement system shall provide a written notice to
the Illinois Investment Policy Board in advance of the
cessation of divestment, setting forth the reasons and

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justification, supported by clear and convincing evidence, for
its decision to cease divestment under this subsection (f-5).
The provisions of this subsection (f-5) do not apply to
the retirement system's indirect holdings or private market
funds.
(f-10) Beginning on the effective date of this amendatory
Act of the 103rd General Assembly, no retirement system shall
invest moneys in Chinese Communist Party sovereign debt,
Chinese Communist Party-backed securities, any investment
instrument issued by an entity that is domiciled or has its
principal place of business in the People's Republic of China,
or any investment instrument issued by a company that is
subject to Chinese Military-Industrial Complex Companies
Sanctions, and no retirement system shall invest or deposit
State moneys in any bank that is domiciled or has its principal
place of business in the People's Republic of China. As soon as
practicable after the effective date of this amendatory Act of
the 103rd General Assembly, each retirement system shall
instruct its investment advisors to sell, redeem, divest, or
withdraw all direct holdings of Chinese Communist Party
sovereign debt and direct holdings of Chinese Communist
Party-backed securities from the retirement system's assets
under management in an orderly and fiduciarily responsible
manner.
Notwithstanding any provision of this Section to the
contrary, a retirement system may cease divestment pursuant to

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this subsection (f-10) if clear and convincing evidence shows
that the value of investments in such Chinese Communist Party
sovereign debt and Chinese Communist Party-backed securities
becomes equal to or less than 0.05% of the market value of all
assets under management by the retirement system. For any
cessation of divestment authorized by this subsection (f-10),
the retirement system shall provide a written notice to the
Illinois Investment Policy Board in advance of the cessation
of divestment, setting forth the reasons and justification,
supported by clear and convincing evidence, for its decision
to cease divestment under this subsection (f-10).
The provisions of this subsection (f-10) do not apply to
the retirement system's indirect holdings or private market
funds.
(g) Upon request, and by April 1 of each year, each
retirement system shall provide the Illinois Investment Policy
Board with information regarding investments sold, redeemed,
divested, or withdrawn in compliance with this Section.
(h) Notwithstanding any provision of this Section to the
contrary, a retirement system may cease divesting from
companies pursuant to subsection (f) if clear and convincing
evidence shows that the value of investments in such companies
becomes equal to or less than 0.5% of the market value of all
assets under management by the retirement system. For any
cessation of divestment authorized by this subsection (h), the
retirement system shall provide a written notice to the

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Illinois Investment Policy Board in advance of the cessation
of divestment, setting forth the reasons and justification,
supported by clear and convincing evidence, for its decision
to cease divestment under subsection (f).
(i) The cost associated with the activities of the
Illinois Investment Policy Board shall be borne by the boards
of each pension fund or investment board created under Article
15, 16, or 22A of this Code.
(j) With respect to actions taken in compliance with this
Section, including all good-faith determinations regarding
companies as required by this Section, the retirement system
and Illinois Investment Policy Board are exempt from any
conflicting statutory or common law obligations, including any
fiduciary duties under this Article and any obligations with
respect to choice of asset managers, investment funds, or
investments for the retirement system's securities portfolios.
(k) It is not the intent of the General Assembly in
enacting this amendatory Act of the 99th General Assembly to
cause divestiture from any company based in the United States
of America. The Illinois Investment Policy Board shall
consider this intent when developing or reviewing the list of
restricted companies.
(l) If any provision of this amendatory Act of the 99th
General Assembly or its application to any person or
circumstance is held invalid, the invalidity of that provision
or application does not affect other provisions or

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applications of this amendatory Act of the 99th General
Assembly that can be given effect without the invalid
provision or application.
If any provision of Public Act 100-551 or its application
to any person or circumstance is held invalid, the invalidity
of that provision or application does not affect other
provisions or applications of Public Act 100-551 that can be
given effect without the invalid provision or application.
If any provision of Public Act 102-118 or its application
to any person or circumstance is held invalid, the invalidity
of that provision or application does not affect other
provisions or applications of Public Act 102-118 that can be
given effect without the invalid provision or application.
If any provision of this amendatory Act of the 102nd
General Assembly or its application to any person or
circumstance is held invalid, the invalidity of that provision
or application does not affect other provisions or
applications of this amendatory Act of the 102nd General
Assembly that can be given effect without the invalid
provision or application.
If any provision of this amendatory Act of the 103rd
General Assembly or its application to any person or
circumstance is held invalid, the invalidity of that provision
or application does not affect other provisions or
applications of this amendatory Act of the 103rd General
Assembly that can be given effect without the invalid

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provision or application.
(Source: P.A. 102-118, eff. 7-23-21; 102-699, eff. 4-19-22;
102-1108, eff. 12-21-22.)
Section 25. The Board of Higher Education Act is amended
by changing Section 9.42 as follows:
(110 ILCS 205/9.42)
Sec. 9.42. Disclosure of donations from certain Russian,
Belarusian, Chinese, or sanctioned sources. The Board shall
require each public institution of higher education to
disclose to the Board any endowment or other donation given to
the institution from a source associated with any individual
or entity listed on the sanctions list maintained by the U.S.
Department of Treasury's Office of Foreign Asset Control or
any company that is domiciled or has its principal place of
business in Russia, or Belarus, or the People's Republic of
China and is on the list of restricted companies developed by
the Illinois Investment Policy Board under Section 1-110.16 of
the Illinois Pension Code.
(Source: P.A. 102-1108, eff. 12-21-22.)
HB2984 Engrossed - 24 - LRB103 29864 RPS 56273 b
INDEX
Statutes amended in order of appearance