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91_SB1026sam002 LRB9105177PTksam 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
"An12 Act relating to certain investments of public funds by public13 agencies", approved July 23, 1943, as now or hereafter14 amended. 15 (Source: P.A. 83-541.) 16 Section 99. Effective date. This Act takes effect upon 17 becoming law.".
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