State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Enrolled ][ Senate Amendment 001 ]
[ Senate Amendment 002 ]

91_SB1026eng

 
SB1026 Engrossed                               LRB9105177PTmb

 1        AN ACT to amend the Public Funds Deposit Act by  changing
 2    Section 1.

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

 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
23    with  any  agency  of  the  U.S.  government  relating to the
24    deposit of such  securities.  Any  such  treasurer  or  other
25    custodian  shall  be  discharged  from responsibility for any
26    funds for which securities are so deposited with him or  her,
27    and the funds for which securities are so deposited shall not
28    be  subject  to  any  otherwise  applicable  limitation as to
29    amount.
30        No bank, savings bank, or savings  and  loan  association
31    shall  receive  public  funds  as  permitted by this Section,
 
SB1026  Engrossed           -2-                LRB9105177PTmb
 1    unless it has  complied  with  the  requirements  established
 2    pursuant  to Section 6 of the Public Funds Investment Act "An
 3    Act relating to certain investments of public funds by public
 4    agencies", approved  July  23,  1943,  as  now  or  hereafter
 5    amended.
 6    (Source: P.A. 83-541.)

 7        Section  99.  Effective date.  This Act takes effect upon
 8    becoming law.

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