[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] | [ Enrolled ] | [ Senate Amendment 001 ] |
| [ Senate Amendment 002 ] |
91_SB1026
LRB9105177PTmb
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.