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Illinois Compiled Statutes
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EXECUTIVE OFFICERS (15 ILCS 520/) Deposit of State Moneys Act. 15 ILCS 520/0.01
(15 ILCS 520/0.01) (from Ch. 130, par. 19m)
Sec. 0.01.
Short title.
This Act may be cited as the
Deposit of State Moneys Act.
(Source: P.A. 86-1324.)
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15 ILCS 520/1
(15 ILCS 520/1) (from Ch. 130, par. 20)
Sec. 1.
The State Treasurer shall deposit all
moneys received by him on account of the State within five days after
receiving the same in such banks, savings and loan associations
or credit unions of
the State as may be authorized to
receive such deposits under the terms of this Act. The money so deposited
shall be placed to the account of the State Treasurer.
No bank, savings and loan association or credit union
shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments
of public funds by public agencies", approved July 23, 1943, as now or hereafter
amended.
For purposes of this Act, the term "bank" or "savings and loan association"
shall be deemed to include a credit union, and, unless otherwise
specifically set forth in this Act, credit unions shall be subject to all
rights, privileges, remedies, duties, and obligations granted or imposed by
this Act upon banks and savings and loan associations.
(Source: P.A. 85-803.)
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15 ILCS 520/1.1
(15 ILCS 520/1.1) (from Ch. 130, par. 20.1)
Sec. 1.1.
When investing or depositing public funds, each custodian
shall, to the extent permitted by this Act and by the lawful and reasonable
performance of his custodial duties, invest or deposit such funds with or
in minority-owned financial institutions within this State.
(Source: P.A. 84-754.)
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15 ILCS 520/1.2
(15 ILCS 520/1.2)
Sec. 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
Illinois
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
Bonds
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
deposit of
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 .)
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15 ILCS 520/2
(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 "An Act in relation to
State finance".
(Source: P.A. 84-1378.)
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15 ILCS 520/3
(15 ILCS 520/3) (from Ch. 130, par. 22)
Sec. 3.
The State Treasurer shall, at such times as he may in his discretion
determine, cause a notice to be sent to each savings and loan association,
Federally insured credit union of $50,000,000 or more assets, or regularly
established National and State bank doing business in this State, indicating
that on a date named therein not less than one month after the date of such
notice, he will receive sealed proposals for the deposit of the public moneys
in his custody or control. The State Treasurer may also at any time receive a
new or supplemental proposal from any savings and loan association, credit
union or national or State bank.
A "regularly established" national or State bank is a bank which is
doing business in the State under the supervision of the Comptroller of the
Currency or the Office of Banks and Real Estate.
(Source: P.A. 89-508, eff. 7-3-96.)
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15 ILCS 520/4
(15 ILCS 520/4) (from Ch. 130, par. 23)
Sec. 4.
There shall be two classes of depositaries, time deposit 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.)
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15 ILCS 520/5
(15 ILCS 520/5) (from Ch. 130, par. 24)
Sec. 5.
Each proposal shall state the amount of deposits sought by such
proposals and the rate of interest such bank or savings and loan association
will pay on daily balances.
Each proposal shall be enclosed in a sealed envelope bearing the name of
the bank or savings and loan association and labeled, "proposal for
deposit of State moneys".
Each proposal shall also include a commitment on the part
of the bidding bank or savings and loan association, executed by its
president, in the following
form:
The ............. (name of bank or savings and loan association)
pledges not to reject
arbitrarily mortgage loans for residential properties
within any specific part of the community served by this depository
because of the location of the property. This depository
also pledges to make loans available on low and moderate income
residential property throughout the community within the limits
of its legal restrictions and prudent financial practices.
(Source: P.A. 83-541.)
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15 ILCS 520/6
(15 ILCS 520/6) (from Ch. 130, par. 25)
Sec. 6.
Within 5 days after the last day named for the receipt of proposals,
such proposals shall be publicly opened by the State Treasurer in the presence
of the Commissioner of Banks and Real Estate and the
Director of Central Management Services.
The State Treasurer may reject any and all proposals, and may ask for
new or additional proposals.
(Source: P.A. 89-508, eff. 7-3-96.)
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15 ILCS 520/7
(15 ILCS 520/7) (from Ch. 130, par. 26)
Sec. 7. (a) Proposals made may either be approved or rejected by the
State Treasurer. A bank or savings and loan association whose proposal
is approved shall be eligible to become a State depositary for the class or
classes of funds covered by its proposal. A bank or savings and loan
association whose proposal is rejected shall not be so eligible.
The State
Treasurer shall seek to have at all times a total of not less
than 20 banks or savings and loan associations which are approved as
State depositaries for time deposits.
(b) The State Treasurer may, in his
discretion, accept a proposal from an eligible institution which provides
for a reduced rate of interest provided that such institution documents the
use of deposited funds for community development projects.
(b-5) The State Treasurer may, in his or her discretion, accept a proposal
from an eligible institution that provides for a reduced rate of interest,
provided that such institution agrees to expend an amount of money equal to
the amount of the reduction for the preservation of Cahokia Mounds.
(b-10) The State Treasurer may, in his or her discretion, accept a
proposal
from an
eligible institution that provides for a reduced rate of interest, provided
that the institution
agrees to expend an amount of money equal to the amount of the reduction for
senior
centers.
(c) The State Treasurer may, in his or her discretion, accept a proposal
from an eligible institution that provides for interest earnings on deposits
of State moneys to be held by the institution in a separate account that the
State Treasurer may use to secure up to 10% of any (i) home loans to Illinois
citizens purchasing or refinancing a home in Illinois in situations where the participating
financial institution would not offer the borrower a home loan under the
institution's prevailing credit standards without the incentive of a reduced
rate of interest on deposits of State moneys, (ii) existing home loans of
Illinois citizens who have failed to make payments on a home loan as a result
of a financial hardship due to circumstances beyond the control of the borrower
where there is a reasonable prospect that the borrower will be able to resume
full mortgage payments, and (iii) loans in amounts that do not exceed the
amount of arrearage on a mortgage and that are extended to enable a borrower
to become current on his or her mortgage obligation.
The following factors shall be considered by the participating financial
institution to determine whether the financial hardship is due to circumstances
beyond the control of the borrower: (i) loss, reduction, or delay in the
receipt of income because of the death or disability of a person who
contributed to the household income, (ii) expenses actually incurred related to
the uninsured damage or costly repairs to the mortgaged premises affecting its
habitability, (iii) expenses related to the death or illness in the borrower's
household or of family members living outside the household that reduce the
amount of household income, (iv) loss of income or a substantial increase in
total housing expenses because of divorce, abandonment, separation from a
spouse, or failure to support a spouse or child, (v) unemployment or
underemployment, (vi) loss, reduction, or delay in the receipt of federal,
State, or other government benefits, and (vii) participation by the homeowner
in a recognized labor action such as a strike. In determining whether there is
a reasonable prospect that the borrower will be able to resume full mortgage
payments, the
participating financial institution shall consider factors including, but not
necessarily limited to the following: (i) a favorable work and credit history,
(ii) the borrower's ability to and history of paying the mortgage when
employed, (iii) the lack of an impediment or disability that prevents
reemployment, (iv) new education and training opportunities, (v) non-cash
benefits that may reduce household expenses, and (vi) other debts.
For the purposes of this Section, "home loan" means a loan, other than an
open-end credit plan or a reverse mortgage transaction, for which (i) the
principal amount of the loan does not exceed the conforming loan size
limit as established from time to time by the
Federal National Mortgage Association, (ii) the borrower is a natural person,
(iii) the debt is incurred by the borrower primarily for personal, family, or
household purposes, and (iv) the loan is secured by a mortgage or deed of trust
on real estate upon which there is located or there is to be located a
structure designed principally for the occupancy of no more than 4
families and that is or
will be occupied by the borrower as the borrower's principal dwelling.
(d) If there is an
agreement between the State Treasurer and an eligible institution that details
the use of deposited funds, the agreement may not require the gift of money,
goods, or services to a third party; this provision does not restrict the
eligible institution from contracting with third parties in order to carry out
the intent of the agreement or restrict the State Treasurer from placing
requirements upon third-party contracts entered into by the eligible
institution.
(Source: P.A. 95-834, eff. 8-15-08.)
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15 ILCS 520/8
(15 ILCS 520/8) (from Ch. 130, par. 27)
Sec. 8.
All proposals shall be filed in the office of the State Treasurer,
and shall be open at all reasonable hours to public inspection. The State
Treasurer shall maintain a current list of the banks or savings and loan
associations serving as State
depositaries of public moneys, with a statement of the rate of interest
paid by each and the maturity date of such deposits, which list shall
likewise be open to public inspection. A copy of each revision of the
current list shall be supplied to the Governor.
(Source: P.A. 83-541.)
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15 ILCS 520/9
(15 ILCS 520/9) (from Ch. 130, par. 28)
Sec. 9.
The approval of any proposal shall confer no right upon any bank
or savings and loan association to
receive deposits of public money.
(Source: P.A. 83-541.)
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15 ILCS 520/10
(15 ILCS 520/10) (from Ch. 130, par. 29)
Sec. 10.
The State Treasurer may enter into agreement in conformity
with this Act with any bank or savings and loan association
relating to
the deposit of securities. Such agreement may authorize the holding
by such bank or savings and loan association of such securities in custody
and safekeeping solely under the instructions of the State Treasurer either
(a) in the office of such bank or savings and loan
association, or under the custody and safekeeping of another bank or
savings and loan association in this State for the
depository bank or savings and loan association, or (b) if the securities
to be deposited are held in custody and safekeeping for such bank or savings
and loan association by a bank or a depository trust company
in New York City, then in such New York bank or depository trust company.
(Source: P.A. 83-541.)
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15 ILCS 520/11
(15 ILCS 520/11) (from Ch. 130, par. 30)
Sec. 11. Protection of public deposits; eligible collateral.
(a) For deposits not insured by an agency of the federal government,
the State Treasurer, in his or her discretion, may accept as collateral any
of the
following classes of securities, provided there has been no default in the
payment of principal or interest thereon:
(1) Bonds, notes, or other securities constituting | | direct and general obligations of the United States, the bonds, notes, or other securities constituting the direct and general obligation of any agency or instrumentality of the United States, the interest and principal of which is unconditionally guaranteed by the United States, and bonds, notes, or other securities or evidence of indebtedness constituting the obligation of a U.S. agency or instrumentality.
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(2) Direct and general obligation bonds of the State
| | of Illinois or of any other state of the United States.
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(3) Revenue bonds of this State or any authority,
| | board, commission, or similar agency thereof.
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(4) Direct and general obligation bonds of any city,
| | town, county, school district, or other taxing body of any state, the debt service of which is payable from general ad valorem taxes.
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(5) Revenue bonds of any city, town, county, or
| | school district of the State of Illinois.
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(6) Obligations issued, assumed, or guaranteed by the
| | International Finance Corporation, the principal of which is not amortized during the life of the obligation, but no such obligation shall be accepted at more than 90% of its market value.
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(7) Illinois Affordable Housing Program Trust Fund
| | Bonds or Notes as defined in and issued pursuant to the Illinois Housing Development Act.
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(8) In an amount equal to at least market value of
| | that amount of funds deposited exceeding the insurance limitation provided by the Federal Deposit Insurance Corporation or the National Credit Union Administration or other approved share insurer: (i) securities, (ii) mortgages, (iii) letters of credit issued by a Federal Home Loan Bank, or (iv) loans covered by a State Guarantee under the Illinois Farm Development Act, if that guarantee has been assumed by the Illinois Finance Authority under Section 845-75 of the Illinois Finance Authority Act, and loans covered by a State Guarantee under Article 830 of the Illinois Finance Authority Act.
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(b) The State Treasurer may establish a system to aggregate permissible
securities received as collateral from financial institutions in a
collateral pool to secure State deposits of the institutions that have
pledged securities to the pool.
(c) The Treasurer may at any time declare any particular security
ineligible to qualify as collateral when, in the Treasurer's judgment, it
is deemed desirable to do so.
(d) Notwithstanding any other provision of this Section, as security the
State Treasurer may, in his discretion, accept a bond, executed by a company
authorized to transact the kinds of business described in clause (g) of
Section 4 of the Illinois Insurance Code, in an amount not less than the
amount of the deposits required by this Section to be secured, payable to the
State Treasurer for the benefit of the People of the State of Illinois, in
a form that is acceptable to the State Treasurer.
(Source: P.A. 95-331, eff. 8-21-07.)
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15 ILCS 520/11.1
(15 ILCS 520/11.1) (from Ch. 130, par. 30.1)
Sec. 11.1.
The State Treasurer may, in his or her discretion, accept as
security for State deposits insured certificates of deposit or share
certificates issued to the depository institution pledging them as security
and may require security in the amount of 125% of the value of the State
deposit. Such certificate of deposit or share certificate shall:
(1) be fully insured by the Federal Deposit Insurance | | Corporation, the Federal Savings and Loan Insurance Corporation or the National Credit Union Share Insurance Fund or issued by a depository institution which is rated within the 3 highest classifications established by at least one of the 2 standard rating services;
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(2) be issued by a financial institution having
| | assets of $15,000,000 or more; and
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(3) be issued by either a savings and loan
| | association having a capital to asset ratio of at least 2%, by a bank having a capital to asset ratio of at least 6% or by a credit union having a capital to asset ratio of at least 4%.
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The depository institution shall effect the assignment of the certificate
of deposit or share certificate to the State Treasurer and shall agree,
that in the event the issuer of the certificate fails to maintain the
capital to asset ratio required by this Section, such certificate of deposit
or share certificate shall be replaced by additional suitable security.
(Source: P.A. 93-561, eff. 1-1-04.)
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15 ILCS 520/12
(15 ILCS 520/12) (from Ch. 130, par. 31)
Sec. 12.
All securities deposited by approved banks or savings and loan
associations under the provisions of
this Act shall remain the property of the banks or savings and loan associations
depositing such securities.
Should the depositary refuse or fail to pay over the moneys, or any part
thereof, deposited with it when due and payable, the State Treasurer may
sell such securities in accordance with the terms of any agreement between
the State Treasurer and the depositary bank or savings and loan association
or, if applicable, institute suit on the bond.
If a depositary fails or
suspends active operations, the deposit in such depositary shall become due
and payable immediately, any agreement or contract to the contrary
notwithstanding. Such sale shall transfer absolute ownership of the
securities so sold to the vendee thereof. The surplus, if any, over the
amount due to the State and the expenses of the sale shall be paid to the
depositary. Actions may be brought in the name of the People of the State
of Illinois to enforce the claims of the State with respect to any
securities deposited by an approved bank or savings and loan association.
(Source: P.A. 85-233.)
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15 ILCS 520/13
(15 ILCS 520/13) (from Ch. 130, par. 32)
Sec. 13.
The State Treasurer shall designate one or more banks or savings
and loan associations for demand deposits. The money
deposited in time deposits shall be used only when that deposited in demand
deposits is insufficient.
(Source: P.A. 83-541.)
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15 ILCS 520/14
(15 ILCS 520/14) (from Ch. 130, par. 33)
Sec. 14.
Interest.
The Treasurer shall enter into deposit agreements with
financial institutions specifying the manner of interest calculation and
compounding and the frequency of interest collection regarding moneys deposited
under this Act.
(Source: P.A. 89-153, eff. 7-14-95.)
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15 ILCS 520/15
(15 ILCS 520/15) (from Ch. 130, par. 34)
Sec. 15.
(a) A bank or savings and loan association approved as a
depositary shall cease to be an approved bank or savings and loan
association, and shall be disqualified by the State Treasurer:
(1) Upon its failure to post a suitable bond or | | deposit securities with the State Treasurer;
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(2) Upon its failure or refusal to pay over public
| | moneys or any part thereof;
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(3) Upon its becoming insolvent or bankrupt, or being
| | placed in the hands of a receiver;
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(4) Upon a showing of unsatisfactory financial
| | condition through a report made to, or an examination made by, the Comptroller of the Currency, the Commissioner of Banks and Real Estate, or the Federal Home Loan Bank or its successors.
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(b) No approved depositary shall be disqualified by the State
Treasurer solely by reason of its acquisition by another institution.
(Source: P.A. 89-508, eff. 7-3-96.)
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15 ILCS 520/16
(15 ILCS 520/16) (from Ch. 130, par. 35)
Sec. 16.
Daily balance statements.
Each bank or savings and loan
association shall on or before the last Monday of each month receive from
the State Treasurer a statement showing separately the daily balances or
amounts of moneys held by it under the provisions of this Act during the
calendar month then next preceding; and the amounts of accrued interest
thereon, one copy of which statement shall be filed in the office of the
State Treasurer, and the other in the office of the receiving bank or
savings and loan association,. The statement shall contain a certificate
that no other fees, perquisites or emoluments have been paid to or held for
the benefit of any public officer or any other person, or on account of the
deposit of the moneys, and that no contract or agreement of any kind
whatever has been entered into for the payment to any public officer, or
any other person, of any fee perquisite or emolument on account of the
deposit of the moneys. The statement to be filed in the office of the
receiving bank or savings and loan association shall be verified by the oath
of the cashier or of an assistant cashier of the bank or savings and loan
association.
(Source: P.A. 87-510.)
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15 ILCS 520/16.1
(15 ILCS 520/16.1) (from Ch. 130, par. 35.1)
Sec. 16.1.
Depository reports.
The State Treasurer may request, at
his discretion, a financial institution, as a condition to serving as a
State depository of public funds, to submit to the State Treasurer a copy
of the consolidated report of condition and income required to be submitted
on a periodic basis to a state or federal regulator of the financial
institution and a copy of the financial institution's Community
Reinvestment Act statement and examination, if available. Nothing in this
Section, however, shall require a financial institution to submit any
document or part thereof deemed to be confidential by a State or federal
regulator of the financial institution.
(Source: P.A. 87-510.)
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15 ILCS 520/16.3
(15 ILCS 520/16.3)
Sec. 16.3.
Consideration of financial institution's commitment to its
community.
(a) In addition to any other
requirements of this Act, the State Treasurer is authorized to consider the
financial
institution's record and current level of financial commitment to its local
community when deciding whether to deposit State funds in that financial
institution. The State Treasurer may consider factors including, but not
necessarily limited to:
(1) for financial institutions subject to the federal | | Community Reinvestment Act of 1977, the current and historical ratings that the financial institution has received, to the extent that those ratings are publicly available, under the federal Community Reinvestment Act of 1977;
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(2) any changes in ownership, management, policies,
| | or practices of the financial institution that may affect the level of the financial institution's commitment to its community;
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(3) the financial impact that the withdrawal or
| | denial of deposits of State funds might have on the financial institution; and
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(4) the financial impact to the State as a result of
| | withdrawing State funds or refusing to deposit additional State funds in the financial institution.
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(b) Nothing in this Section shall be construed as authorizing the State
Treasurer to conduct an examination or investigation of a financial institution
or to receive information that is not publicly available and the disclosure of
which is otherwise prohibited by law.
(Source: P.A. 93-251, eff. 7-1-04 .)
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15 ILCS 520/17
(15 ILCS 520/17) (from Ch. 130, par. 36)
Sec. 17.
The State Treasurer shall keep in his office a record showing his
account with each bank or savings and loan association,
with entries therein showing the dates and
amounts of each deposit, rate of interest, withdrawals and date of each,
and balance on deposit. Each account shall show the date and amount of
interest received during each interest paying period. Such record shall at
all times be open to public inspection.
(Source: P.A. 83-541.)
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15 ILCS 520/18
(15 ILCS 520/18) (from Ch. 130, par. 37)
Sec. 18.
The State Treasurer shall make a monthly report to the Governor
giving a detailed statement of the balances on deposit in the several
banks or savings and loan associations, and the amount paid by each
such bank or savings and loan association as interest on moneys so
deposited. Such statement shall contain the name of each bank or savings
and loan association, and the
amount in such bank or savings and loan association subject to draft
at the close of business on the last
day of the month for which the report is made, and on the last day of the
month next preceding. A copy of such report shall be retained by the
Treasurer and shall be made available for inspection by the public at any
reasonable time. The Treasurer may satisfy the requirements of this Section by posting the monthly report on the Treasurer's official Internet website.
(Source: P.A. 99-856, eff. 8-19-16.)
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15 ILCS 520/19
(15 ILCS 520/19) (from Ch. 130, par. 38)
Sec. 19.
Nothing in this Act contained shall be held to prevent the State
Treasurer from withdrawing any, or all, of the moneys so deposited, for the
purpose of paying the appropriations and obligations of the State, nor to
prevent his transferring moneys from one bank or savings and loan association
to another, and nothing
herein contained shall in any way affect the duty of the State Treasurer to
keep a correct and accurate account of all moneys received and to pay out
same only on authority of law; but the State Treasurer shall, as
heretofore, be personally responsible for the faithful accounting of all
moneys paid to him as State Treasurer.
(Source: P.A. 83-541.)
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15 ILCS 520/20
(15 ILCS 520/20) (from Ch. 130, par. 39)
Sec. 20.
No bank or savings and loan association
holding moneys deposited therewith
by the State Treasurer, in accordance with the provisions of this Act, or
otherwise, and no officer of any such bank or savings and loan association,
or other person, shall pay to,
withhold for the benefit of, or contract in any manner for the payment to
such State Treasurer, or to any other person for him, of any interest, or
other fee, perquisite, or emolument, on account of the deposit of such
moneys, except such interest as shall be paid to such State Treasurer for
the benefit of the State.
(Source: P.A. 83-541.)
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15 ILCS 520/21
(15 ILCS 520/21) (from Ch. 130, par. 40)
Sec. 21.
The making of a personal profit or emolument by the State Treasurer out
of any public moneys by loaning, depositing, or otherwise using or
disposing of the same in any manner whatsoever, shall be deemed a Class 3
felony.
(Source: P.A. 77-2610 .)
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15 ILCS 520/22
(15 ILCS 520/22) (from Ch. 130, par. 41)
Sec. 22.
No securities, deposited with the State Treasurer, shall be removed from
the State treasury except under the terms of this Act. The misappropriation
or use of such securities, otherwise than as prescribed in this Act, shall
be deemed a Class 3 felony. The State Treasurer shall be liable upon his
official bond for any loss or misappropriation of securities so deposited.
(Source: P.A. 77-2610 .)
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15 ILCS 520/22.5
(15 ILCS 520/22.5) (from Ch. 130, par. 41a)
(For force and effect of certain provisions, see Section 90 of P.A. 94-79) Sec. 22.5. Permitted investments. The State Treasurer may, with the
approval of the Governor, invest and reinvest any State money in the treasury
which is not needed for current expenditures due or about to become due, in
obligations of the United States government or its agencies or of National
Mortgage Associations established by or under the National Housing Act, 1201
U.S.C. 1701 et seq., or
in mortgage participation certificates representing undivided interests in
specified, first-lien conventional residential Illinois mortgages that are
underwritten, insured, guaranteed, or purchased by the Federal Home Loan
Mortgage Corporation or in Affordable Housing Program Trust Fund Bonds or
Notes as defined in and issued pursuant to the Illinois Housing Development
Act. All such obligations shall be considered as cash and may
be delivered over as cash by a State Treasurer to his successor.
The State Treasurer may, with the approval of the Governor, purchase
any state bonds with any money in the State Treasury that has been set
aside and held for the payment of the principal of and interest on the
bonds. The bonds shall be considered as cash and may be delivered over
as cash by the State Treasurer to his successor.
The State Treasurer may, with the approval of the Governor, invest or
reinvest any State money in the treasury that is not needed for
current expenditure due or about to become due, or any money in the
State Treasury that has been set aside and held for the payment of the
principal of and the interest on any State bonds, in shares,
withdrawable accounts, and investment certificates of savings and
building and loan associations, incorporated under the laws of this
State or any other state or under the laws of the United States;
provided, however, that investments may be made only in those savings
and loan or building and loan associations the shares and withdrawable
accounts or other forms of investment securities of which are insured
by the Federal Deposit Insurance Corporation.
The State Treasurer may not invest State money in any savings and
loan or building and loan association unless a commitment by the savings
and loan (or building and loan) association, executed by the president
or chief executive officer of that association, is submitted in the
following form:
The .................. Savings and Loan (or Building | | and Loan) Association pledges not to reject arbitrarily mortgage loans for residential properties within any specific part of the community served by the savings and loan (or building and loan) association because of the location of the property. The savings and loan (or building and loan) association also pledges to make loans available on low and moderate income residential property throughout the community within the limits of its legal restrictions and prudent financial practices.
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The State Treasurer may, with the approval of the Governor, invest or
reinvest, at a price not to exceed par, any State money in the treasury
that is not needed for current expenditures due or about to become
due, or any money in the State Treasury that has been set aside and
held for the payment of the principal of and interest on any State
bonds, in bonds issued by counties or municipal corporations of the
State of Illinois.
The State Treasurer may, with the approval of the Governor, invest or
reinvest any State money in the Treasury which is not needed for current
expenditure, due or about to become due, or any money in the State Treasury
which has been set aside and held for the payment of the principal of and
the interest on any State bonds, in participations in loans, the principal
of which participation is fully guaranteed by an agency or instrumentality
of the United States government; provided, however, that such loan
participations are represented by certificates issued only by banks which
are incorporated under the laws of this State or any other state
or under the laws of the United States, and such banks, but not
the loan participation certificates, are insured by the Federal Deposit
Insurance Corporation.
The State Treasurer may, with the approval of the Governor, invest or
reinvest any State money in the Treasury that is not needed for current
expenditure, due or about to become due, or any money in the State Treasury
that has been set aside and held for the payment of the principal of and
the interest on any State bonds, in any of the following:
(1) Bonds, notes, certificates of indebtedness,
| | Treasury bills, or other securities now or hereafter issued that are guaranteed by the full faith and credit of the United States of America as to principal and interest.
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(2) Bonds, notes, debentures, or other similar
| | obligations of the United States of America, its agencies, and instrumentalities.
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(2.5) Bonds, notes, debentures, or other similar
| | obligations of a foreign government, other than the Republic of the Sudan, that are guaranteed by the full faith and credit of that government as to principal and interest, but only if the foreign government has not defaulted and has met its payment obligations in a timely manner on all similar obligations for a period of at least 25 years immediately before the time of acquiring those obligations.
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(3) Interest-bearing savings accounts,
| | interest-bearing certificates of deposit, interest-bearing time deposits, or any other investments constituting direct obligations of any bank as defined by the Illinois Banking Act.
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(4) Interest-bearing accounts, certificates of
| | deposit, or any other investments constituting direct obligations of any savings and loan associations incorporated under the laws of this State or any other state or under the laws of the United States.
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(5) Dividend-bearing share accounts, share
| | certificate accounts, or class of share accounts of a credit union chartered under the laws of this State or the laws of the United States; provided, however, the principal office of the credit union must be located within the State of Illinois.
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(6) Bankers' acceptances of banks whose senior
| | obligations are rated in the top 2 rating categories by 2 national rating agencies and maintain that rating during the term of the investment.
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(7) Short-term obligations of either corporations or
| | limited liability companies organized in the United States with assets exceeding $500,000,000 if (i) the obligations are rated at the time of purchase at one of the 3 highest classifications established by at least 2 standard rating services and mature not later than 270 days from the date of purchase, (ii) the purchases do not exceed 10% of the corporation's or the limited liability company's outstanding obligations, (iii) no more than one-third of the public agency's funds are invested in short-term obligations of either corporations or limited liability companies, and (iv) the corporation or the limited liability company has not been placed on the list of restricted companies by the Illinois Investment Policy Board under Section 1-110.16 of the Illinois Pension Code.
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(7.5) Obligations of either corporations or limited
| | liability companies organized in the United States, that have a significant presence in this State, with assets exceeding $500,000,000 if: (i) the obligations are rated at the time of purchase at one of the 3 highest classifications established by at least 2 standard rating services and mature more than 270 days, but less than 5 years, from the date of purchase; (ii) the purchases do not exceed 10% of the corporation's or the limited liability company's outstanding obligations; (iii) no more than 5% of the public agency's funds are invested in such obligations of corporations or limited liability companies; and (iv) the corporation or the limited liability company has not been placed on the list of restricted companies by the Illinois Investment Policy Board under Section 1-110.16 of the Illinois Pension Code. The authorization of the Treasurer to invest in new obligations under this paragraph shall expire on June 30, 2019.
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| | Investment Company Act of 1940, provided that the portfolio of the money market mutual fund is limited to obligations described in this Section and to agreements to repurchase such obligations.
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(9) The Public Treasurers' Investment Pool created
| | under Section 17 of the State Treasurer Act or in a fund managed, operated, and administered by a bank.
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(10) Repurchase agreements of government securities
| | having the meaning set out in the Government Securities Act of 1986, as now or hereafter amended or succeeded, subject to the provisions of that Act and the regulations issued thereunder.
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(11) Investments made in accordance with the
| | Technology Development Act.
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For purposes of this Section, "agencies" of the United States
Government includes:
(i) the federal land banks, federal intermediate
| | credit banks, banks for cooperatives, federal farm credit banks, or any other entity authorized to issue debt obligations under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) and Acts amendatory thereto;
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(ii) the federal home loan banks and the federal home
| | loan mortgage corporation;
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(iii) the Commodity Credit Corporation; and
(iv) any other agency created by Act of Congress.
The Treasurer may, with the approval of the Governor, lend any securities
acquired under this Act. However, securities may be lent under this Section
only in accordance with Federal Financial Institution Examination Council
guidelines and only if the securities are collateralized at a level sufficient
to assure the safety of the securities, taking into account market value
fluctuation. The securities may be collateralized by cash or collateral
acceptable under Sections 11 and 11.1.
(Source: P.A. 99-856, eff. 8-19-16.)
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15 ILCS 520/22.6
(15 ILCS 520/22.6)
Sec. 22.6. (Repealed).
(Source: P.A. 94-79, eff. 1-27-06. Repealed by P.A. 95-521, eff. 8-28-07.)
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15 ILCS 520/22.8
(15 ILCS 520/22.8)
Sec. 22.8.
The Treasurer shall develop, publish, and implement an
investment policy covering the management of all State funds under his or her
control. The investment policy shall be published each year in the Treasurers'
annual report as prescribed in Section 15 of the State Treasurer Act (15 ILCS
505/15). The policy shall also be published at least once each year in at
least one newspaper of general circulation in both Springfield and Chicago.
Any such investment policy adopted by the Treasurer shall be reviewed, and
updated if necessary, within 90 days following the installation of a new
Treasurer.
(Source: P.A. 89-350, eff. 8-17-95.)
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15 ILCS 520/22.9 (15 ILCS 520/22.9) Sec. 22.9. (Repealed).
(Source: P.A. 96-1181, eff. 7-22-10. Repealed internally, eff. 12-31-11.) |
15 ILCS 520/23
(15 ILCS 520/23) (from Ch. 130, par. 42)
Sec. 23.
Any State official or other person who wilfully violates any
provision of this Act, for which a penalty is not otherwise prescribed, or
who wilfully neglects or refuses to perform any duty imposed upon such
person by the terms of this Act, shall be guilty of a Class 4 felony.
(Source: P.A. 77-2830.)
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