Full Text of HB2101 97th General Assembly
HB2101 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB2101 Introduced 2/22/2011, by Rep. Emily McAsey SYNOPSIS AS INTRODUCED: |
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55 ILCS 5/3-10009 | from Ch. 34, par. 3-10009 |
55 ILCS 5/3-11002 | from Ch. 34, par. 3-11002 |
55 ILCS 5/3-11003 | from Ch. 34, par. 3-11003 |
55 ILCS 5/3-11004 | from Ch. 34, par. 3-11004 |
55 ILCS 5/3-11006 | from Ch. 34, par. 3-11006 |
55 ILCS 5/3-11007 | from Ch. 34, par. 3-11007 |
55 ILCS 5/3-11009 | from Ch. 34, par. 3-11009 |
55 ILCS 5/3-11010 | from Ch. 34, par. 3-11010 |
55 ILCS 5/3-11011 | from Ch. 34, par. 3-11011 |
55 ILCS 5/3-11013 | from Ch. 34, par. 3-11013 |
55 ILCS 5/3-11018 | from Ch. 34, par. 3-11018 |
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Amends the Counties Code. Changes numerous Sections to provide that a county may deposit public funds into credit unions (currently, only banks or savings and loan associations). Further provides that county moneys may be invested in dividend-bearing share accounts, share certificate accounts, or class of share accounts of a credit union, provided the accounts of that credit union are insured and the credit union's principal office is located within the State of Illinois. Effective immediately.
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| | A BILL FOR |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Counties Code is amended by changing | 5 | | Sections 3-10009, 3-11002, 3-11003, 3-11004, 3-11006, 3-11007, | 6 | | 3-11009, 3-11010, 3-11011, 3-11013, and 3-11018 as follows:
| 7 | | (55 ILCS 5/3-10009) (from Ch. 34, par. 3-10009)
| 8 | | Sec. 3-10009. Deposit of public funds. In counties having a
| 9 | | population of less than 150,000 the county board, when | 10 | | requested by the
county treasurer, shall designate one or more | 11 | | banks , or savings and loan
associations , or credit unions in | 12 | | which the funds and other public moneys in the custody of
the | 13 | | county treasurer may be kept and when a bank , or savings and | 14 | | loan
association , or credit union has been designated as a | 15 | | depository it shall continue as such
until 10 days have elapsed | 16 | | after a new depository is designated and has
qualified by | 17 | | furnishing the statements of resources and liabilities as is
| 18 | | required by this Section. When a new depository is designated, | 19 | | the county
board shall notify the sureties of the county | 20 | | treasurer of that fact, in
writing, at least 5 days before the | 21 | | transfer of funds. The county treasurer
shall be discharged | 22 | | from responsibility for all funds and moneys which he
deposits | 23 | | in a depository so designated while such funds and moneys are
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| 1 | | so deposited.
| 2 | | No bank , or savings and loan association , or credit union | 3 | | shall receive public funds as
permitted by this Section, unless | 4 | | it has complied with the requirements
established pursuant to | 5 | | Section 6 of "An Act relating to certain investments
of public | 6 | | funds by public agencies", approved July 23, 1943, as now or
| 7 | | hereafter amended.
| 8 | | (Source: P.A. 86-962.)
| 9 | | (55 ILCS 5/3-11002) (from Ch. 34, par. 3-11002)
| 10 | | Sec. 3-11002. Designation of depositories. In counties | 11 | | having a
population of more than 150,000 the county board, when | 12 | | requested by the
County Treasurer, shall designate one or more | 13 | | banks , or savings and loan
associations , or credit unions in | 14 | | which the funds and other public moneys in the custody of
the | 15 | | County Treasurer may be kept and when a bank , or savings and | 16 | | loan
association , or credit union has been designated as a | 17 | | depository it shall continue as such
until 10 days have elapsed | 18 | | after a new depository is designated and has
qualified by | 19 | | furnishing the statements of resources and liabilities as is
| 20 | | required by this Section. When a new depository is designated, | 21 | | the county
board shall notify the sureties of the County | 22 | | Treasurer of that fact, in
writing, at least 5 days before the | 23 | | transfer of funds. The County Treasurer
shall be discharged | 24 | | from responsibility for all funds and moneys which he
deposits | 25 | | in a depository so designated while such funds and moneys are |
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| 1 | | so
deposited.
| 2 | | No bank , or savings and loan association , or credit union | 3 | | shall receive public funds as
permitted by this Section, unless | 4 | | it has complied with the requirements
established pursuant to | 5 | | Section 6 of "An Act relating to certain
investments of public | 6 | | funds by public agencies", approved July 23, 1943, as
now or | 7 | | hereafter amended.
| 8 | | (Source: P.A. 86-962.)
| 9 | | (55 ILCS 5/3-11003) (from Ch. 34, par. 3-11003)
| 10 | | Sec. 3-11003. Classification of funds. For the purpose of
| 11 | | establishing a control over the withdrawal, in accordance with | 12 | | the
provisions of this Division, of all county moneys deposited | 13 | | in any bank , or
savings and loan association, or credit union, | 14 | | as hereinafter required, such moneys are
hereby classified as | 15 | | follows:
| 16 | | Class A. All taxes and special assessments received by the | 17 | | county
treasurer in his capacity as ex officio county collector | 18 | | or ex officio town
collector, and held by him pending | 19 | | distribution to the several governments
or authorities | 20 | | entitled to receive the same, shall be known as "Class A"
| 21 | | funds.
| 22 | | Class B. All other moneys belonging to the State of | 23 | | Illinois or to any
political or corporate subdivision thereof, | 24 | | except the county, shall be
known as "Class B" funds.
| 25 | | Class C. All moneys belonging to the county in its |
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| 1 | | corporate capacity
shall be known as "Class C" funds.
| 2 | | Class D. All other county moneys as defined in Section | 3 | | 3-11001 shall
be known as "Class D" funds.
| 4 | | (Source: P.A. 86-962.)
| 5 | | (55 ILCS 5/3-11004) (from Ch. 34, par. 3-11004)
| 6 | | Sec. 3-11004. Deposits by county treasurer. It shall be the | 7 | | duty of
the county treasurer of such county to deposit daily, | 8 | | in separate accounts
in accordance with the classification set | 9 | | forth in Section 3-11003, to the
credit of the county treasurer | 10 | | of such county, in one or more banks , or
savings and loan | 11 | | associations , or credit unions as shall have been selected and | 12 | | designated
under the terms of this Division and as shall have | 13 | | complied with the
requirements thereof, all county moneys as | 14 | | defined in Section 3-11001,
received by him during banking | 15 | | hours, and also all such county moneys as he
may have received | 16 | | on the day previous after banking hours.
| 17 | | (Source: P.A. 86-962.)
| 18 | | (55 ILCS 5/3-11006) (from Ch. 34, par. 3-11006)
| 19 | | Sec. 3-11006.
Investment of county moneys; release of | 20 | | private
funds in custody of county treasurer. All county moneys | 21 | | shall be invested in
one or more of the following: (a) | 22 | | interest-bearing savings accounts,
interest-bearing | 23 | | certificates of deposit or interest-bearing time deposits
| 24 | | constituting direct obligations of any bank as shall have been |
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| 1 | | selected and
designated under the terms of this Division and as | 2 | | shall have
complied with the requirements thereof; (b) shares | 3 | | or other forms of
securities legally issuable by savings and | 4 | | loan associations incorporated
under the laws of this State or | 5 | | any other state or under the laws of the
United States, | 6 | | provided such shares or securities are insured by the
Federal | 7 | | Savings and Loan Insurance Corporation; (c) bonds, notes,
| 8 | | certificates of indebtedness, treasury bills or other | 9 | | securities now or
hereafter issued, which are guaranteed by the | 10 | | full faith and credit of the
United States of America as to | 11 | | principal and interest; (d) short term
discount obligations of | 12 | | the Federal National Mortgage Association ; and (e) | 13 | | dividend-bearing share accounts, share certificate accounts, | 14 | | or class of share accounts of a credit union chartered under | 15 | | the laws of this State or the laws of the United States, | 16 | | provided the accounts of that credit union are insured by | 17 | | applicable law and the credit union's principal office is | 18 | | located within the State of Illinois . The
expressed judgment of | 19 | | the county treasurer as to the time when any county
moneys will | 20 | | be required for expenditure or be redeemable is final and
| 21 | | conclusive. Privately owned funds held in the custody of a | 22 | | county treasurer
must be released to the appropriate party at | 23 | | the earliest reasonable time,
but in no case exceeding 31 days, | 24 | | after the private party becomes entitled
to the receipt of | 25 | | them.
| 26 | | (Source: P.A. 86-962.)
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| 1 | | (55 ILCS 5/3-11007) (from Ch. 34, par. 3-11007)
| 2 | | Sec. 3-11007. Monthly report of investments and deposits. | 3 | | On the twenty-eighth day of each month the county treasurer | 4 | | shall
publish a report disclosing the investments and deposits | 5 | | of county moneys
as of the first day of that month. The report | 6 | | shall list, under the name of
each bank , or savings and loan | 7 | | association , or credit union in which the county treasurer
| 8 | | maintains an account or investment, each separate account or | 9 | | investment
maintained in that institution, the amount of each | 10 | | such account or
investment, the rate of interest of each such | 11 | | account or investment, and
the term of maturity of each such | 12 | | account or investment. The report shall
also disclose the total | 13 | | cost and average rate of interest of all other
investments of | 14 | | county moneys. A copy of the report shall be transmitted to
| 15 | | each member of the county board, and the report shall be a | 16 | | public record.
| 17 | | (Source: P.A. 86-962.)
| 18 | | (55 ILCS 5/3-11009) (from Ch. 34, par. 3-11009)
| 19 | | Sec. 3-11009. Petty cash fund. For the purpose of enabling | 20 | | the county
treasurer to pay in cash such warrants and other | 21 | | demands as may be
presented to him for payment in cash, he is | 22 | | hereby authorized to withhold
from the daily deposit of funds | 23 | | required of him under Section 3-11004, or
to withdraw from the | 24 | | one or more banks , or savings and loan associations , or credit |
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| 1 | | unions
holding such county moneys on deposit, upon check or | 2 | | draft payable
to his own order as county treasurer, such | 3 | | amounts as will enable him to
maintain a petty cash fund | 4 | | sufficient to meet the daily demand for the
purpose herein | 5 | | indicated: Provided, however, that the amount of said petty
| 6 | | cash fund shall at no time exceed the sum of $5,000 in counties | 7 | | having
fewer than 1,000,000 inhabitants or the sum of $200,000 | 8 | | in counties having
1,000,000 or more inhabitants. The county | 9 | | treasurer shall keep proper
records of such petty cash fund, | 10 | | showing the amounts so withheld or
withdrawn by him daily and | 11 | | the amounts paid out by him in cash from day to
day. Such | 12 | | records shall be open to the inspection of all persons wishing | 13 | | to
examine the same.
| 14 | | (Source: P.A. 86-962.)
| 15 | | (55 ILCS 5/3-11010) (from Ch. 34, par. 3-11010)
| 16 | | Sec. 3-11010. Equalization and transfer of deposits. For | 17 | | the
purpose of facilitating the equalization or apportionment | 18 | | of the amount of
the balances on deposit with the several | 19 | | depositories and the speedy
transfer of money from one | 20 | | depository to another in case of
necessity, the county | 21 | | treasurer is hereby authorized to draw checks or
drafts against | 22 | | any deposit made by him under the terms of this Division.
Each | 23 | | draft or check so drawn shall be payable to the order of the
| 24 | | county treasurer, and shall indicate upon its face that it is | 25 | | drawn only
for deposit in a bank , or savings and loan |
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| 1 | | association , or credit union authorized under the
provisions of | 2 | | this Division to receive county moneys.
| 3 | | (Source: P.A. 86-962.)
| 4 | | (55 ILCS 5/3-11011) (from Ch. 34, par. 3-11011)
| 5 | | Sec. 3-11011. Designation of active depository. Of the | 6 | | banks , or savings and loan associations , or credit unions which | 7 | | may have been so designated as
depositories, one shall be | 8 | | designated from time to time by the county
treasurer as the | 9 | | active bank, depository , or savings and loan association , or | 10 | | credit union
for a period of not more than one month at a time. | 11 | | The county board shall
have power, if it sees fit, to require | 12 | | that no bank , or savings and loan
association , or credit union | 13 | | whose aggregate capital stock and surplus is less than a
| 14 | | certain specified amount shall be named as the active bank , or | 15 | | savings and
loan association , or credit union . During such | 16 | | period the county treasurer shall draw all of
his checks to pay | 17 | | warrants and other demands drawn upon him upon such
active | 18 | | bank , or savings and loan association , or credit union : | 19 | | Provided, however, that the
county treasurer shall have power | 20 | | to withdraw county moneys from any
depository for the purposes | 21 | | stated in Section 3-11010: And, provided,
further, that during | 22 | | such period drafts and checks against deposit of funds
| 23 | | designated by Section 3-11003 hereof as "Class A" funds and | 24 | | "Class B" funds
may be drawn upon other than the active bank , | 25 | | or savings and loan association , or credit union .
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| 1 | | (Source: P.A. 86-962.)
| 2 | | (55 ILCS 5/3-11013) (from Ch. 34, par. 3-11013)
| 3 | | Sec. 3-11013. Annual report of interest received. The | 4 | | county
treasurer shall make to the county clerk an annual | 5 | | report, under oath, of
all interest received by the county | 6 | | treasurer or credited to the county
treasurer by any bank , or | 7 | | savings and loan association, or credit union, in which is
| 8 | | deposited any county moneys, and at the time of making such | 9 | | report the
county treasurer shall pay into the county treasury | 10 | | for the benefit of the
county the aggregate amount of all | 11 | | interest so received by or credited to
him, as shown by said | 12 | | report. Such report shall show the name of each bank
or | 13 | | depository where any county moneys are deposited.
| 14 | | (Source: P.A. 86-962.)
| 15 | | (55 ILCS 5/3-11018) (from Ch. 34, par. 3-11018)
| 16 | | Sec. 3-11018. Payment of interest or fees on deposits. No | 17 | | bank , or
savings and loan association , or credit union holding | 18 | | county moneys deposited therewith by
the county treasurer in | 19 | | accordance with the provisions in this Division, or
otherwise, | 20 | | and no officer of any such bank , or savings and loan | 21 | | association, or credit union,
or other person, shall pay to, | 22 | | withhold for the benefit of, or contract in
any manner for the | 23 | | payment to such county treasurer, or to any other person
for | 24 | | him, of any interest or other fee, perquisite or emolument, on |
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| 1 | | account
of the deposit of such county moneys, except such | 2 | | interest as shall be paid
to such county treasurer for the | 3 | | benefit of the county.
| 4 | | (Source: P.A. 86-962.)
| 5 | | Section 99. Effective date. This Act takes effect upon | 6 | | becoming law.
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