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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0503 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 15 ILCS 520/1.1 | from Ch. 130, par. 20.1 |
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Amends the Deposit of State Moneys Act. Makes a technical change in a Section
concerning investment in minority-owned financial institutions.
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| | A BILL FOR |
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| | HB0503 | | LRB101 03056 RJF 48064 b |
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| 1 | | AN ACT concerning State government.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Deposit of State Moneys Act is amended by |
| 5 | | changing Section 1.1 as follows:
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| 6 | | (15 ILCS 520/1.1) (from Ch. 130, par. 20.1)
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| 7 | | Sec. 1.1.
When investing or depositing public funds, each |
| 8 | | custodian
shall, to the
the extent permitted by this Act and by |
| 9 | | the lawful and reasonable
performance of his custodial duties, |
| 10 | | invest or deposit such funds with or
in minority-owned |
| 11 | | financial institutions within this State. |
| 12 | | (Source: P.A. 84-754.)
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