Illinois General Assembly - Full Text of HB1514

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Full Text of HB1514 96th General Assembly

Introduced
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HB1514 96TH GENERAL ASSEMBLY

96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010
HB1514

Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley

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.

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A BILL FOR

HB1514 LRB096 04925 RCE 14991 b

1     AN ACT concerning finance.

2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:

4     Section 5. The Public Funds Deposit Act is amended by
5 changing Section 1 as follows:

6     (30 ILCS 225/1)  (from Ch. 102, par. 34)
7     Sec. 1. Deposits. Any treasurer or other custodian of
8 public funds may deposit such funds in a savingsand~~and~~ loan
9 association, savings bank, or State or national bank in this
10 State. When such deposits become collected funds and are not
11 needed for immediate disbursement, they shall be invested
12 within 2 working days at prevailing rates or better. The
13 treasurer or other custodian of public funds may require such
14 bank, savings bank, or savings and loan association to deposit
15 with him or her securities guaranteed by agencies and
16 instrumentalities of the federal government equal in market
17 value to the amount by which the funds deposited exceed the
18 federally insured amount. Any treasurer or other custodian of
19 public funds may accept as security for public funds deposited
20 in such bank, savings bank, or savings and loan association any
21 securities or other eligible collateral authorized by Sections
22 11 and 11.1 of the Deposit of State Moneys Act (15 ILCS 520/11
23 and 11.1) or Section 6 of the Public Funds Investment Act (30

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1 ILCS 235/6). Such treasurer or other custodian is authorized to
2 enter into an agreement with any such bank, savings bank, or
3 savings and loan association, with any federally insured
4 financial institution or trust company, or with any agency of
5 the U.S. government relating to the deposit of such securities.
6 Any such treasurer or other custodian shall be discharged from
7 responsibility for any funds for which securities are so
8 deposited with him or her, and the funds for which securities
9 are so deposited shall not be subject to any otherwise
10 applicable limitation as to amount.
11     No bank, savings bank, or savings and loan association
12 shall receive public funds as permitted by this Section, unless
13 it has complied with the requirements established pursuant to
14 Section 6 of the Public Funds Investment Act.
15 (Source: P.A. 93-561, eff. 1-1-04.)

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