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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB0670
Introduced 2/18/2005, by Sen. Ira I. Silverstein - Emil Jones, Jr. SYNOPSIS AS INTRODUCED: |
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30 ILCS 230/2c |
from Ch. 127, par. 173a |
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Amends the State Officers and Employees Money Disposition Act. Makes
a technical change in a Section concerning the deposit of State money.
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A BILL FOR
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SB0670 |
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LRB094 04392 RCE 34421 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The State Officers and Employees Money |
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| Disposition Act is amended by changing Section 2c as follows:
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| (30 ILCS 230/2c) (from Ch. 127, par. 173a)
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| Sec. 2c. Every such officer, board, commission, |
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| commissioner, department,
institution, arm or agency is |
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| authorized to demand and
and receive a bond and
securities in |
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| amount and kind satisfactory to him from any bank or savings
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| and loan association in which moneys held by such officer, |
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| board, commission,
commissioner, department, institution, arm |
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| or agency for or on behalf of
the State of Illinois, may be on |
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| deposit, such securities to be held by the
officer, board, |
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| commission, commissioner, department, institution, arm or
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| agency for the period that such moneys are so on deposit and |
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| then returned
together with interest, dividends and other |
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| accruals to the bank or savings
and loan association. The
bond |
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| or undertaking and such securities shall be conditioned for the |
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| return
of the moneys deposited in conformity with the terms of |
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| the deposit. |
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| Whenever funds deposited with a bank or savings and loan |
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| association
exceed the amount of federal deposit insurance |
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| coverage, a bond,
pledged
securities, or other eligible |
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| collateral shall be obtained.
Only the types of securities or |
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| other eligible collateral which the State
Treasurer may, in his
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| or her discretion, accept for amounts not insured by the |
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| Federal Deposit
Insurance
Corporation or the Federal Savings |
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| and Loan Insurance Corporation under
Section 11 of "An Act in |
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| relation to State moneys", approved June 28, 1919,
as amended, |
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| may be accepted as pledged securities.
The market value of the |
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| bond or pledged
securities shall at all times be equal to or |