HB0577 99TH GENERAL ASSEMBLY

LRB099 04424 JLK 24452 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB0577

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:

15 ILCS 520/2

from Ch. 130, par. 21

Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning interest on deposits.

A BILL FOR

AN ACT concerning State government.

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

Section 5. The Deposit of State Moneys Act is amended by changing Section 2 as follows:

(15 ILCS 520/2) (from Ch. 130, par. 21)

Sec. 2. All banks or savings and and loan associations in which any such money is deposited shall be required to pay interest on time deposit accounts if members of the Federal Reserve system are permitted to pay interest on the particular class of deposit. All interest received or paid on account of money in the State treasury belonging to or for the use of the State so deposited in banks or savings and loan associations, shall be the property of the State of Illinois. If any moneys held by the State Treasurer shall be deposited in banks or savings and loan associations pursuant to the provisions of this Act, the interest received thereon shall be credited as provided in Section 4.1 of "An Act in relation to State finance".

(Source: P.A. 84-1378.)