SB3123 93RD GENERAL ASSEMBLY

LRB093 19174 RCE 44909 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB3123

Introduced 2/6/2004, by Dave Sullivan - Frank C. Watson

SYNOPSIS AS INTRODUCED:

15 ILCS 520/2

from Ch. 130, par. 21

Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning interest on deposits.

A BILL FOR

AN ACT concerning State moneys.

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 2 as follows:

(15 ILCS 520/2) (from Ch. 130, par. 21)

Sec. 2. All banks or savings and loan associations in which any such money is deposited shall be required to pay interest on time deposit accounts if members of the Federal Reserve system are permitted to pay interest on the particular class of deposit. All interest received or paid on account of money in the State treasury belonging to or for the use of the State so deposited in banks or savings and loan associations, shall be the property of the State of Illinois. If any moneys held by the State Treasurer shall be deposited in banks or savings and loan associations pursuant to the provisions of this Act, the interest received thereon shall be credited as provided in Section 4.1 of the State Finance Act "An Act in relation to State finance".

(Source: P.A. 84-1378.)