State of Illinois
91st General Assembly

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[ Senate Amendment 001 ]




 1                    AMENDMENT TO SENATE BILL 1026

 2        AMENDMENT NO.     .  Amend Senate Bill 1026, AS  AMENDED,
 3    by  replacing  everything  after the enacting clause with the
 4    following:

 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
                            -2-              LRB9105177PTksam
 1    with  any  agency  of  the  U.S.  government  relating to the
 2    deposit of such  securities.  Any  such  treasurer  or  other
 3    custodian  shall  be  discharged  from responsibility for any
 4    funds for which securities are so deposited with him or  her,
 5    and the funds for which securities are so deposited shall not
 6    be  subject  to  any  otherwise  applicable  limitation as to
 7    amount.
 8        No bank, savings bank, or savings  and  loan  association
 9    shall  receive  public  funds  as  permitted by this Section,
10    unless it has  complied  with  the  requirements  established
11    pursuant  to Section 6 of the Public Funds Investment Act "An
12    Act relating to certain investments of public funds by public
13    agencies", approved  July  23,  1943,  as  now  or  hereafter
14    amended.
15    (Source: P.A. 83-541.)

16        Section  99.  Effective date.  This Act takes effect upon
17    becoming law.".

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