HB4388 103RD GENERAL ASSEMBLY

LRB103 36711 MXP 66821 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4388

Introduced , by Rep. Jay Hoffman

SYNOPSIS AS INTRODUCED:

30 ILCS 235/1

from Ch. 85, par. 901

Amends the Public Funds Investment Act. Makes a technical change in a Section concerning definitions.

A BILL FOR

AN ACT concerning finance.

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

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

(30 ILCS 235/1) (from Ch. 85, par. 901)

Sec. 1. The The words "public funds", as used in this Act, mean current operating funds, special funds, interest and sinking funds, and funds of any kind or character belonging to or in the custody of any public agency.

The words "public agency", as used in this Act, mean the State of Illinois, the various counties, townships, cities, towns, villages, school districts, educational service regions, special road districts, public water supply districts, fire protection districts, drainage districts, levee districts, sewer districts, housing authorities, the Illinois Bank Examiners' Education Foundation, the Chicago Park District, and all other political corporations or subdivisions of the State of Illinois, now or hereafter created, whether herein specifically mentioned or not. This Act does not apply to the Illinois Prepaid Tuition Trust Fund, private funds collected by the Illinois Conservation Foundation, or pension funds or retirement systems established under the Illinois Pension Code, except as otherwise provided in that Code. This Act does not apply to the Illinois State Treasurer, whose investment of State funds shall be governed by the Deposit of State Moneys Act.

The words "governmental unit", as used in this Act, have the same meaning as in the Local Government Debt Reform Act.

(Source: P.A. 102-297, eff. 8-6-21.)