103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4389

 

Introduced 1/16/2024, by Rep. Jay Hoffman

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 235/1  from Ch. 85, par. 901

    Amends the Public Funds Investment Act. Makes a technical change in a Section concerning definitions.


LRB103 36712 MXP 66822 b

 

 

A BILL FOR

 

HB4389LRB103 36712 MXP 66822 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Funds Investment Act is amended by
5changing Section 1 as follows:
 
6    (30 ILCS 235/1)  (from Ch. 85, par. 901)
7    Sec. 1. The The words "public funds", as used in this Act,
8mean current operating funds, special funds, interest and
9sinking funds, and funds of any kind or character belonging to
10or in the custody of any public agency.
11    The words "public agency", as used in this Act, mean the
12State of Illinois, the various counties, townships, cities,
13towns, villages, school districts, educational service
14regions, special road districts, public water supply
15districts, fire protection districts, drainage districts,
16levee districts, sewer districts, housing authorities, the
17Illinois Bank Examiners' Education Foundation, the Chicago
18Park District, and all other political corporations or
19subdivisions of the State of Illinois, now or hereafter
20created, whether herein specifically mentioned or not. This
21Act does not apply to the Illinois Prepaid Tuition Trust Fund,
22private funds collected by the Illinois Conservation
23Foundation, or pension funds or retirement systems established

 

 

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1under the Illinois Pension Code, except as otherwise provided
2in that Code. This Act does not apply to the Illinois State
3Treasurer, whose investment of State funds shall be governed
4by the Deposit of State Moneys Act.
5    The words "governmental unit", as used in this Act, have
6the same meaning as in the Local Government Debt Reform Act.
7(Source: P.A. 102-297, eff. 8-6-21.)