HB5116 99TH GENERAL ASSEMBLY

LRB099 17208 RJF 41566 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5116

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.)