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|[ Introduced ]||[ Enrolled ]||[ Senate Amendment 001 ]|
|[ Senate Amendment 002 ]|
91_SB1026eng SB1026 Engrossed 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, savings bank, or State or national bank in this 11 State. When such deposits become collected funds and are not 12 needed for immediate disbursement, they shall be invested 13 within 2 working days at prevailing rates or better. The 14 treasurer or other custodian of public funds may require such 15 bank, savings bank, or savings and loan association to 16 deposit with him or her securities guaranteed by agencies and 17 instrumentalities of the federal government equal in market 18 value to the amount by which the funds deposited exceed the 19 federally insured amount. Such treasurer or other custodian 20 is authorized to enter into an agreement with any such bank, 21 savings bank, or savings and loan association, with any 22 federally insured financial institution or trust company, or 23 with any agency of the U.S. government relating to the 24 deposit of such securities. Any such treasurer or other 25 custodian shall be discharged from responsibility for any 26 funds for which securities are so deposited with him or her, 27 and the funds for which securities are so deposited shall not 28 be subject to any otherwise applicable limitation as to 29 amount. 30 No bank, savings bank, or savings and loan association 31 shall receive public funds as permitted by this Section, SB1026 Engrossed -2- LRB9105177PTmb 1 unless it has complied with the requirements established 2 pursuant to Section 6 of the Public Funds Investment Act
"An3 Act relating to certain investments of public funds by public4 agencies", approved July 23, 1943, as now or hereafter5 amended. 6 (Source: P.A. 83-541.) 7 Section 99. Effective date. This Act takes effect upon 8 becoming law.
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