97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0480

 

Introduced 01/31/11, by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 225/1  from Ch. 102, par. 34

    Amends the Public Funds Deposit Act. Makes a technical change in a Section concerning deposits.


LRB097 03307 PJG 43344 b

 

 

A BILL FOR

 

HB0480LRB097 03307 PJG 43344 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Funds Deposit Act is amended by
5changing Section 1 as follows:
 
6    (30 ILCS 225/1)  (from Ch. 102, par. 34)
7    Sec. 1. Deposits. Any treasurer or other custodian of
8public funds may deposit such funds in a savings and and loan
9association, savings bank, or State or national bank in this
10State. When such deposits become collected funds and are not
11needed for immediate disbursement, they shall be invested
12within 2 working days at prevailing rates or better. The
13treasurer or other custodian of public funds may require such
14bank, savings bank, or savings and loan association to deposit
15with him or her securities guaranteed by agencies and
16instrumentalities of the federal government equal in market
17value to the amount by which the funds deposited exceed the
18federally insured amount. Any treasurer or other custodian of
19public funds may accept as security for public funds deposited
20in such bank, savings bank, or savings and loan association any
21securities or other eligible collateral authorized by Sections
2211 and 11.1 of the Deposit of State Moneys Act (15 ILCS 520/11
23and 11.1) or Section 6 of the Public Funds Investment Act (30

 

 

HB0480- 2 -LRB097 03307 PJG 43344 b

1ILCS 235/6). Such treasurer or other custodian is authorized to
2enter into an agreement with any such bank, savings bank, or
3savings and loan association, with any federally insured
4financial institution or trust company, or with any agency of
5the U.S. government relating to the deposit of such securities.
6Any such treasurer or other custodian shall be discharged from
7responsibility for any funds for which securities are so
8deposited with him or her, and the funds for which securities
9are so deposited shall not be subject to any otherwise
10applicable limitation as to amount.
11    No bank, savings bank, or savings and loan association
12shall receive public funds as permitted by this Section, unless
13it has complied with the requirements established pursuant to
14Section 6 of the Public Funds Investment Act.
15(Source: P.A. 93-561, eff. 1-1-04.)