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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0505 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 15 ILCS 520/4 | from Ch. 130, par. 23 |
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Amends the Deposit of State Moneys Act. Makes a technical change in a Section
concerning classes of depositaries.
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| | A BILL FOR |
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| | HB0505 | | LRB101 03058 RJF 48066 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 4 as follows:
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| 6 | | (15 ILCS 520/4) (from Ch. 130, par. 23)
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| 7 | | Sec. 4.
There shall be two classes of depositaries, time |
| 8 | | deposit and
and demand
deposit, and separate proposals shall be |
| 9 | | obtained for each class. In
calling for proposals the State |
| 10 | | Treasurer shall indicate that separate
quotations of rates of |
| 11 | | interest may be made upon such State moneys as shall
be |
| 12 | | deposited in such bank or savings and loan association and |
| 13 | | permitted
to remain without diminution for
30, 60 or 90 days, |
| 14 | | or for longer periods. |
| 15 | | (Source: P.A. 83-541.)
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