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91_SB1026sam002
LRB9105177PTksam
1 AMENDMENT TO SENATE BILL 1026
2 AMENDMENT NO. . Amend Senate Bill 1026, AS AMENDED,
3 by replacing everything after the enacting clause with the
4 following:
5 "Section 5. The Public Funds Deposit Act is amended by
6 changing Section 1 as follows:
7 (30 ILCS 225/1) (from Ch. 102, par. 34)
8 Sec. 1. Deposits. Any treasurer or other custodian of
9 public funds may deposit such funds in a savings and loan
10 association, savings bank, or State or national bank in this
11 State. When such deposits become collected funds and are not
12 needed for immediate disbursement, they shall be invested
13 within 2 working days at prevailing rates or better. The
14 treasurer or other custodian of public funds may require such
15 bank, savings bank, or savings and loan association to
16 deposit with him or her securities guaranteed by agencies and
17 instrumentalities of the federal government equal in market
18 value to the amount by which the funds deposited exceed the
19 federally insured amount. Such treasurer or other custodian
20 is authorized to enter into an agreement with any such bank,
21 savings bank, or savings and loan association, with any
22 federally insured financial institution or trust company, or
-2- LRB9105177PTksam
1 with any agency of the U.S. government relating to the
2 deposit of such securities. Any such treasurer or other
3 custodian shall be discharged from responsibility for any
4 funds for which securities are so deposited with him or her,
5 and the funds for which securities are so deposited shall not
6 be subject to any otherwise applicable limitation as to
7 amount.
8 No bank, savings bank, or savings and loan association
9 shall receive public funds as permitted by this Section,
10 unless it has complied with the requirements established
11 pursuant to Section 6 of the Public Funds Investment Act "An
12 Act relating to certain investments of public funds by public
13 agencies", approved July 23, 1943, as now or hereafter
14 amended.
15 (Source: P.A. 83-541.)
16 Section 99. Effective date. This Act takes effect upon
17 becoming law.".