State of Illinois
91st General Assembly
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Public Act 91-0211

SB1026 Enrolled                                LRB9105177PTmb

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

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

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

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

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

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