IL SB2962

Creates the Federal Historic Sites and Preservation Services Federal Trust Fund as a trust fund outside the State treasury to receive federal funds from all federal departments and agencies.

Trust Fund moneys shall be used by the Historic Preservation Agency for administrative expenses and grants and contracts allowable under federal award terms and conditions.

Portions of federal awards required by federal law to be transferred to local governments or other recipients shall be transferred without appropriation.

State Treasurer serves as ex officio custodian and holds all federal assets separate from State public moneys, with the Agency Director administering funds exclusively for purposes specified in federal awards.

Trust Fund moneys are not subject to State appropriation and all interest earned from investments shall be deposited back into the Trust Fund.