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Public Act 099-0676
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| HB5884 Enrolled | LRB099 20550 MLM 45100 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 Investment Act is amended by |
adding Section 9 as follows:
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(30 ILCS 235/9 new) |
Sec. 9. Municipal and county investment in not-for-profit |
community development financial institutions. 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. 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.
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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