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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0669
Introduced 2/18/2005, by Sen. Ira I. Silverstein - Emil Jones, Jr. SYNOPSIS AS INTRODUCED:
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30 ILCS 225/1 |
from Ch. 102, par. 35 |
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Amends the Public Funds Deposit Act. Makes a technical change in a Section
concerning deposits.
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A BILL FOR
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SB0669 |
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LRB094 04391 RCE 34420 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Public Funds Deposit Act is amended by |
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| changing Section 1 as follows:
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| (30 ILCS 225/1) (from Ch. 102, par. 34)
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| Sec. 1. Deposits. Any treasurer or other custodian of |
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| public funds may
deposit
such funds in a savings and
and loan |
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| association, savings bank, or State or
national bank
in this |
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| State. When such deposits become collected funds and are not |
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| needed
for immediate disbursement, they shall be invested |
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| within 2 working days
at prevailing rates or better. The |
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| treasurer or other custodian of public
funds may require
such |
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| bank, savings bank, or savings and loan association to deposit |
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| with
him or her securities
guaranteed by agencies and |
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| instrumentalities of the federal government
equal in market |
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| value to the
amount by which the funds deposited exceed the |
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| federally insured amount.
Any treasurer or other custodian of |
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| public funds may accept as
security for public funds deposited |
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| in such bank, savings bank, or
savings and loan association any |
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| securities or other eligible
collateral authorized by Sections |
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| 11 and 11.1 of the Deposit of State
Moneys Act (15 ILCS 520/11 |
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| and 11.1) or Section 6 of the Public Funds
Investment Act (30 |
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| ILCS 235/6).
Such treasurer or other custodian is
authorized to |
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| enter into an agreement with any such bank, savings bank,
or |
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| savings
and
loan association, with any federally insured |
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| financial institution or trust
company, or with any agency of |
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| the U.S. government relating to the
deposit of such securities.
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| Any such treasurer or other custodian shall
be discharged from |
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| responsibility for any funds for which securities are
so |
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| deposited with him or her, and the funds for which securities |
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| are so
deposited shall not be subject to any otherwise |
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