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Public Act 91-0211
SB1026 Enrolled LRB9105177PTmb
AN ACT to amend the Public Funds Deposit Act by changing
Section 1.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Public Funds Deposit Act is amended by
changing Section 1 as follows:
(30 ILCS 225/1) (from Ch. 102, par. 34)
Sec. 1. Deposits. Any treasurer or other custodian of
public funds may deposit such funds in a savings and loan
association, savings bank, or State or national bank in this
State. When such deposits become collected funds and are not
needed for immediate disbursement, they shall be invested
within 2 working days at prevailing rates or better. The
treasurer or other custodian of public funds may require such
bank, savings bank, or savings and loan association to
deposit with him or her securities guaranteed by agencies and
instrumentalities of the federal government equal in market
value to the amount by which the funds deposited exceed the
federally insured amount. Such treasurer or other custodian
is authorized to enter into an agreement with any such bank,
savings bank, or savings and loan association, with any
federally insured financial institution or trust company, or
with any agency of the U.S. government relating to the
deposit of such securities. Any such treasurer or other
custodian shall be discharged from responsibility for any
funds for which securities are so deposited with him or her,
and the funds for which securities are so deposited shall not
be subject to any otherwise applicable limitation as to
amount.
No bank, savings bank, or savings and loan association
shall receive public funds as permitted by this Section,
unless it has complied with the requirements established
pursuant to Section 6 of the Public Funds Investment Act "An
Act relating to certain investments of public funds by public
agencies", approved July 23, 1943, as now or hereafter
amended.
(Source: P.A. 83-541.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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