Bill Status of HB 5884   99th General Assembly

Short Description:  MUNI INVEST-NOT-FOR-PROFIT

House Sponsors
Rep. Katherine Cloonen-Donald L. Moffitt

Senate Sponsors
(Sen. Toi W. Hutchinson)


Last Action  View All Actions

DateChamber Action
  7/29/2016HousePublic Act . . . . . . . . . 99-0676

Statutes Amended In Order of Appearance
30 ILCS 235/9 new

Synopsis As Introduced
Amends the Public Funds Investment Act. Provides that municipalities may invest up to $250,000 in public funds in not-for-profit community development financial institutions. Requires the financial institutions to have at least $5,000,000 in net assets and to have earned at least an "A" rating by an investment rating organization. Provides that the investments made shall be made for a term and at a rate acceptable to the municipality and the municipality may set benchmarks in order to continue investing in the not-for-profit community development financial institution.

House Floor Amendment No. 1
Replaces everything after the enacting clause with provisions of the introduced bill with the following changes: Applies the provisions to counties as well as municipalities. Provides that municipalities and counties may invest up to $250,000 per year in public funds in not-for-profit community development financial institutions across all institutions (rather than may invest up to $250,000 in public funds in not-for-profit community development financial institutions). Provides that the rating of a community development financial institution must be made by an investment rating organization that primarily provides services for community development financial institutions. Adds an immediate effective date.

Actions 
DateChamber Action
  2/11/2016HouseFiled with the Clerk by Rep. Katherine Cloonen
  2/11/2016HouseFirst Reading
  2/11/2016HouseReferred to Rules Committee
  3/23/2016HouseAssigned to Cities & Villages Committee
  4/4/2016HouseDo Pass / Short Debate Cities & Villages Committee; 006-001-000
  4/5/2016HousePlaced on Calendar 2nd Reading - Short Debate
  4/5/2016HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Katherine Cloonen
  4/5/2016HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/6/2016HouseHouse Floor Amendment No. 1 Rules Refers to Cities & Villages Committee
  4/13/2016HouseHouse Floor Amendment No. 1 Recommends Be Adopted Cities & Villages Committee; 004-000-000
  4/13/2016HouseSecond Reading - Short Debate
  4/13/2016HouseHouse Floor Amendment No. 1 Adopted
  4/13/2016HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/14/2016HouseThird Reading - Short Debate - Passed 114-000-000
  4/14/2016HouseAdded Chief Co-Sponsor Rep. Donald L. Moffitt
  4/14/2016SenateArrive in Senate
  4/14/2016SenatePlaced on Calendar Order of First Reading April 18, 2016
  4/15/2016SenateChief Senate Sponsor Sen. Toi W. Hutchinson
  4/18/2016SenateFirst Reading
  4/18/2016SenateReferred to Assignments
  4/27/2016SenateAssigned to Revenue
  5/10/2016SenateDo Pass Revenue; 009-000-000
  5/10/2016SenatePlaced on Calendar Order of 2nd Reading May 11, 2016
  5/17/2016SenateSecond Reading
  5/17/2016SenatePlaced on Calendar Order of 3rd Reading May 18, 2016
  5/27/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2016
  5/30/2016SenateThird Reading - Passed; 055-000-000
  5/30/2016HousePassed Both Houses
  6/27/2016HouseSent to the Governor
  7/29/2016HouseGovernor Approved
  7/29/2016HouseEffective Date July 29, 2016
  7/29/2016HousePublic Act . . . . . . . . . 99-0676

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