HB5884 99TH GENERAL ASSEMBLY

LRB099 20550 MLM 45100 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5884

Introduced , by Rep. Katherine Cloonen

SYNOPSIS AS INTRODUCED:

30 ILCS 235/9 new

Amends the Public Funds Investment Act. Provides that municipalities may invest up to $250,000 in public funds in not-for-profit community development financial institutions. Requires the financial institutions to have at least $5,000,000 in net assets and to have earned at least an "A" rating by an investment rating organization. Provides that the investments made shall be made for a term and at a rate acceptable to the municipality and the municipality may set benchmarks in order to continue investing in the not-for-profit community development financial institution.

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 adding Section 9 as follows:

(30 ILCS 235/9 new)

Sec. 9. Municipal investment in not-for-profit community development financial institutions. Municipalities may invest up to $250,000 in public funds in not-for-profit community development financial institutions. These financial institutions must have at least $5,000,000 in net assets and have earned at least an "A" rating by an investment rating organization. Investments made under this Section shall be made for a term and at a rate acceptable to the municipality and the municipality may set benchmarks in order to continue investing in the not-for-profit community development financial institution.