Public Act 099-0676
 
HB5884 EnrolledLRB099 20550 MLM 45100 b


  
    AN ACT concerning finance.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  


 
 
    Section 5. The Public Funds Investment Act is amended  by 
adding Section 9 as follows:
 
    (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.
  
 

    Section 99. Effective date. This Act takes effect upon 
becoming law.