(15 ILCS 520/1.2)
(a) The General Assembly finds that it is in the best interests
of the people
of the State of Illinois to use monies in the custody of the State Treasurer
available for deposit to promote and facilitate the issuance
and sale of Affordable Housing Program Trust Fund Bonds or Notes
as defined in and issued pursuant to the Illinois Housing Development Act for
housing for persons with low and very low income in this State.
The State Treasurer may, in consultation with the Director of the
Housing Development Authority, set aside any
portion of State funds or monies at his disposal for deposit, and
deposit such funds or monies to further the issuance and sale of
Affordable Housing Program Trust Fund Bonds or Notes issued pursuant to the
Illinois Housing Development Act.
(b) Illinois Affordable Housing Program Trust Fund Bonds and Notes shall be
eligible collateral for all deposits of State moneys, and any bank or savings
and loan association
otherwise eligible to receive deposits
of State moneys, is entitled to participate in bidding for
deposits of State moneys on the basis of collateralizing such
deposits with such bonds and notes. In administering deposits
of State monies secured by Affordable Housing Program Trust Fund
or Notes, the State Treasurer may use a collateral pool as authorized in
this Act to secure those deposits.
(c) Any institution to be eligible for the
benefits of this Section must still meet requirements of capital and financial
condition established by this Act and the requirements of the
Public Funds Investment Act. This Section shall not apply to any
State moneys if the deposit secures obligations of the State to
third parties and the terms of such obligations are inconsistent with the
provisions of this Section.
(Source: P.A. 88-93