PUBLIC FUNDS-INVESTMENT House SponsorsRep. Joseph M. Lyons-Bill Mitchell-Thomas Holbrook Senate Sponsors(Sen. Terry Link) 7/16/2004HousePublic Act . . . . . . . . . 93-0756 30 ILCS 235/6.5 new Amends the Public Funds Investment Act. Provides that whenever a public agency invests public funds in an interest-bearing savings account, interest-bearing certificate of deposit, or interest-bearing time deposit, the statutory requirements pertaining to the eligibility of a bank to receive or hold public deposits or to the pledging of collateral by a bank to secure public deposits do not apply to any bank receiving or holding all or part of the invested public funds if (i) the public agency initiates the investment at or through a bank having its main office in Illinois and (ii) the invested public funds are at all time fully insured by an agency or instrumentality of the federal government. Effective immediately.House Amendment No. 1 Provides that certain statutory requirements pertaining to the eligibility of a bank to receive or hold public deposits or to the pledging of collateral by a bank to secure public deposits do not apply to any bank receiving or holding the funds if (i) the public agency initiates the investment at or through a bank located in Illinois (instead of having its main office in Illinois) and (ii) the funds are federally insured. Effective immediately.Fiscal Note (Office of Banks and Real Estate) No fiscal impact. 2/3/2004HouseFiled with the Clerk by Rep. Joseph M. Lyons 2/3/2004HouseFirst Reading 2/3/2004HouseReferred to Rules Committee 2/9/2004HouseAdded Chief Co-Sponsor Rep. Bill Mitchell 2/19/2004HouseAssigned to Financial Institutions Committee 3/3/2004HouseHouse Amendment No. 1 Filed with Clerk by Financial Institutions Committee 3/3/2004HouseHouse Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote 3/3/2004HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 018-000-000 3/3/2004HousePlaced on Calendar 2nd Reading - Short Debate 3/3/2004HouseAdded Chief Co-Sponsor Rep. Thomas Holbrook 3/19/2004HouseFiscal Note Filed 3/23/2004HouseSecond Reading - Short Debate 3/23/2004HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/24/2004HouseThird Reading - Short Debate - Passed 115-000-001 3/25/2004SenateArrive in Senate 3/25/2004SenatePlaced on Calendar Order of First Reading March 26, 2004 3/26/2004SenateChief Senate Sponsor Sen. Terry Link 3/26/2004SenateFirst Reading 3/26/2004SenateReferred to Rules 4/15/2004SenateAssigned to Financial Institutions 4/22/2004SenateDo Pass Financial Institutions; 008-000-000 4/22/2004SenatePlaced on Calendar Order of 2nd Reading April 27, 2004 4/29/2004SenateSecond Reading 4/29/2004SenatePlaced on Calendar Order of 3rd Reading May 4, 2004 5/5/2004SenateThird Reading - Passed; 057-000-000 5/5/2004HousePassed Both Houses 6/3/2004HouseSent to the Governor 7/16/2004HouseGovernor Approved 7/16/2004HouseEffective Date July 16, 2004 7/16/2004HousePublic Act . . . . . . . . . 93-0756