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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5884 Introduced , by Rep. Katherine Cloonen SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | HB5884 | | LRB099 20550 MLM 45100 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Public Funds Investment Act is amended by |
| 5 | | adding Section 9 as follows:
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| 6 | | (30 ILCS 235/9 new) |
| 7 | | Sec. 9. Municipal investment in not-for-profit community |
| 8 | | development financial institutions. Municipalities may invest |
| 9 | | up to $250,000 in public funds in not-for-profit community |
| 10 | | development financial institutions. These financial |
| 11 | | institutions must have at least $5,000,000 in net assets and |
| 12 | | have earned at least an "A" rating by an investment rating |
| 13 | | organization. Investments made under this Section shall be made |
| 14 | | for a term and at a rate acceptable to the municipality and the |
| 15 | | municipality may set benchmarks in order to continue investing |
| 16 | | in the not-for-profit community development financial |
| 17 | | institution.
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