State of Illinois
91st General Assembly

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[ Engrossed ][ Enrolled ][ Senate Amendment 001 ]
[ Senate Amendment 002 ]



 1        AN ACT to amend the Public Funds Deposit Act by  changing
 2    Section 1.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Public Funds Deposit Act  is  amended  by
 6    changing Section 1 as follows:

 7        (30 ILCS 225/1) (from Ch. 102, par. 34)
 8        Sec.  1.  Deposits.  Any  treasurer or other custodian of
 9    public funds may deposit such funds in  a  savings  and  loan
10    association  or  State  or national bank in this State.  When
11    such deposits become collected funds and are not  needed  for
12    immediate  disbursement,  they  shall  be  invested  within 2
13    working days at prevailing rates or better.  The treasurer or
14    other custodian of public funds  may  require  such  bank  or
15    savings  and  loan association to deposit with him securities
16    guaranteed by agencies and instrumentalities of  the  federal
17    government  equal  in market value to the amount by which the
18    funds deposited exceed the  federally  insured  amount.  Such
19    treasurer  or  other custodian is authorized to enter into an
20    agreement with any such bank, or savings and loan association
21    , or other  institution  relating  to  the  deposit  of  such
22    securities.  Any  such  treasurer or other custodian shall be
23    discharged  from  responsibility  for  any  funds  for  which
24    securities are so deposited with him or her,  and  the  funds
25    for which securities are so deposited shall not be subject to
26    any otherwise applicable limitation as to amount.
27        No  bank  or  savings  and loan association shall receive
28    public funds as permitted by  this  Section,  unless  it  has
29    complied   with  the  requirements  established  pursuant  to
30    Section 6 of the Public Funds Investment Act "An Act relating
31    to certain investments of public funds by  public  agencies",
                            -2-                LRB9105177PTmb
 1    approved July 23, 1943, as now or hereafter amended.
 2    (Source: P.A. 83-541.)

 3        Section  99.  Effective date.  This Act takes effect upon
 4    becoming law.

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