98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1598
 
Introduced , by Rep. Tom Cross
 
SYNOPSIS AS INTRODUCED:
 
  
30 ILCS 225/1  from Ch. 102, par. 34

    Amends the Public Funds Deposit Act.  Makes a technical change in a Section
concerning deposits.



LRB098 00214 HLH 30218 b

 
 
A BILL FOR
 


HB1598LRB098 00214 HLH 30218 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 Deposit Act is amended by 
5changing Section 1 as follows:
 



6    (30 ILCS 225/1)  (from Ch. 102, par. 34)



7    Sec. 1. Deposits. Any treasurer or other custodian of 
8public funds may
deposit
such funds in a savings and
and loan 
9association, savings bank, or State or
national bank
in this 
10State.  When such deposits become collected funds and are not 
11needed
for immediate disbursement, they shall be invested 
12within 2 working days
at prevailing rates or better.  The 
13treasurer or other custodian of public
funds may require
such 
14bank, savings bank, or savings and loan association to deposit 
15with
him or her securities
guaranteed by agencies and 
16instrumentalities of the federal government
equal in market 
17value to the
amount by which the funds deposited exceed the 
18federally insured amount.
Any treasurer or other custodian of 
19public funds may accept as
security for public funds deposited 
20in such bank, savings bank, or
savings and loan association any 
21securities or other eligible
collateral authorized by Sections 
2211 and 11.1 of the Deposit of State
Moneys Act (15 ILCS 520/11 
23and 11.1) or Section 6 of the Public Funds
Investment Act (30 
 
 
HB1598- 2 -LRB098 00214 HLH 30218 b

1ILCS 235/6).
Such treasurer or other custodian is
authorized to 
2enter into an agreement with any such bank, savings bank,
or 
3savings
and
loan association, with any federally insured 
4financial institution or trust
company, or with any agency of 
5the U.S. government relating to the
deposit of such securities.

6Any such treasurer or other custodian shall
be discharged from 
7responsibility for any funds for which securities are
so 
8deposited with him or her, and the funds for which securities 
9are so
deposited shall not be subject to any otherwise 
10applicable limitation as
to amount.
11    No bank, savings bank, or savings and loan association 
12shall receive
public funds as
permitted by this Section, unless 
13it has complied with the requirements
established pursuant to 
14Section 6 of the Public Funds Investment Act.

15(Source: P.A. 93-561, eff. 1-1-04.)