HB0505 101ST GENERAL ASSEMBLY

LRB101 03058 RJF 48066 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0505

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:

15 ILCS 520/4

from Ch. 130, par. 23

Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning classes of depositaries.

A BILL FOR

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 changing Section 4 as follows:

(15 ILCS 520/4) (from Ch. 130, par. 23)

Sec. 4. There shall be two classes of depositaries, time deposit and and demand deposit, and separate proposals shall be obtained for each class. In calling for proposals the State Treasurer shall indicate that separate quotations of rates of interest may be made upon such State moneys as shall be deposited in such bank or savings and loan association and permitted to remain without diminution for 30, 60 or 90 days, or for longer periods.

(Source: P.A. 83-541.)