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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB3123
Introduced 2/6/2004, by Dave Sullivan - Frank C. Watson SYNOPSIS AS INTRODUCED:
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15 ILCS 520/2 |
from Ch. 130, par. 21 |
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Amends the Deposit of State Moneys Act. Makes a technical change in a Section
concerning interest on deposits.
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A BILL FOR
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SB3123 |
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LRB093 19174 RCE 44909 b |
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| AN ACT concerning State moneys.
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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 Deposit of State Moneys Act is amended by |
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| changing Section 2
as follows:
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| (15 ILCS 520/2) (from Ch. 130, par. 21)
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| Sec. 2. All banks or savings and loan associations in which |
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| any such
money is deposited shall be required to
pay interest |
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| on time deposit accounts if members of the Federal Reserve
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| system are permitted to pay interest on the particular class of |
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| deposit.
All interest received or paid on account of money in |
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| the State treasury
belonging to or for the use of the State so |
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| deposited in banks or savings
and loan associations, shall be
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| the property of the State of Illinois. If any moneys held by |
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| the State
Treasurer shall be deposited in
banks or savings and |
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| loan associations pursuant to the provisions of
this Act, the |
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| interest received thereon
shall be credited as provided in |
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| Section 4.1 of the State Finance Act
"An Act in relation to
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| State finance".
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| (Source: P.A. 84-1378.)
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