|Public Act 099-0676|
|HB5884 Enrolled||LRB099 20550 MLM 45100 b|
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Public Funds Investment Act is amended by
adding Section 9 as follows:
(30 ILCS 235/9 new)
Municipal and county investment in not-for-profit
community development financial institutions.
and counties may invest up to $250,000 per year in public funds
in not-for-profit community development financial institutions
across all institutions. These financial institutions must
have at least $5,000,000 in net assets and have earned at least
an "A" rating by an investment rating organization that
primarily provides services for community development
financial institutions. Investments made under this Section
shall be made for a term and at a rate acceptable to the
municipality or county and the municipality or county may set
benchmarks in order to continue investing in the not-for-profit
community development financial institution.
This Act takes effect upon