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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1160
Introduced 2/8/2007, by Sen. Iris Y. Martinez 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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SB1160 |
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LRB095 05232 RCE 25307 b |
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| AN ACT concerning State government.
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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
and loan associations in |
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| which any such
money is deposited shall be required to
pay |
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| interest on time deposit accounts if members of the Federal |
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| Reserve
system are permitted to pay interest on the particular |
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| class of deposit.
All interest received or paid on account of |
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| money in the State treasury
belonging to or for the use of the |
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| State so deposited in banks or savings
and loan associations, |
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| shall be
the property of the State of Illinois. If any moneys |
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| held by the State
Treasurer shall be deposited in
banks or |
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| savings and loan associations pursuant to the provisions of
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| this Act, the interest received thereon
shall be credited as |
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| provided in Section 4.1 of "An Act in relation to
State |
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| finance". |
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| (Source: P.A. 84-1378.)
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