|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0669
Introduced 2/18/2005, by Sen. Ira I. Silverstein - Emil Jones, Jr. SYNOPSIS AS INTRODUCED:
|
|
30 ILCS 225/1 |
from Ch. 102, par. 35 |
|
Amends the Public Funds Deposit Act. Makes a technical change in a Section
concerning deposits.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
SB0669 |
|
LRB094 04391 RCE 34420 b |
|
|
| 1 |
| AN ACT concerning finance.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Public Funds Deposit Act is amended by |
| 5 |
| changing Section 1 as follows:
|
| 6 |
| (30 ILCS 225/1) (from Ch. 102, par. 34)
|
| 7 |
| Sec. 1. Deposits. Any treasurer or other custodian of |
| 8 |
| public funds may
deposit
such funds in a savings and
and loan |
| 9 |
| association, savings bank, or State or
national bank
in this |
| 10 |
| State. When such deposits become collected funds and are not |
| 11 |
| needed
for immediate disbursement, they shall be invested |
| 12 |
| within 2 working days
at prevailing rates or better. The |
| 13 |
| treasurer or other custodian of public
funds may require
such |
| 14 |
| bank, savings bank, or savings and loan association to deposit |
| 15 |
| with
him or her securities
guaranteed by agencies and |
| 16 |
| instrumentalities of the federal government
equal in market |
| 17 |
| value to the
amount by which the funds deposited exceed the |
| 18 |
| federally insured amount.
Any treasurer or other custodian of |
| 19 |
| public funds may accept as
security for public funds deposited |
| 20 |
| in such bank, savings bank, or
savings and loan association any |
| 21 |
| securities or other eligible
collateral authorized by Sections |
| 22 |
| 11 and 11.1 of the Deposit of State
Moneys Act (15 ILCS 520/11 |
| 23 |
| and 11.1) or Section 6 of the Public Funds
Investment Act (30 |
| 24 |
| ILCS 235/6).
Such treasurer or other custodian is
authorized to |
| 25 |
| enter into an agreement with any such bank, savings bank,
or |
| 26 |
| savings
and
loan association, with any federally insured |
| 27 |
| financial institution or trust
company, or with any agency of |
| 28 |
| the U.S. government relating to the
deposit of such securities.
|
| 29 |
| Any such treasurer or other custodian shall
be discharged from |
| 30 |
| responsibility for any funds for which securities are
so |
| 31 |
| deposited with him or her, and the funds for which securities |
| 32 |
| are so
deposited shall not be subject to any otherwise |