101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0505

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 520/4  from Ch. 130, par. 23

    Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning classes of depositaries.


LRB101 03058 RJF 48066 b

 

 

A BILL FOR

 

HB0505LRB101 03058 RJF 48066 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Deposit of State Moneys Act is amended by
5changing Section 4 as follows:
 
6    (15 ILCS 520/4)  (from Ch. 130, par. 23)
7    Sec. 4. There shall be two classes of depositaries, time
8deposit and and demand deposit, and separate proposals shall be
9obtained for each class. In calling for proposals the State
10Treasurer shall indicate that separate quotations of rates of
11interest may be made upon such State moneys as shall be
12deposited in such bank or savings and loan association and
13permitted to remain without diminution for 30, 60 or 90 days,
14or for longer periods.
15(Source: P.A. 83-541.)