96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1225


 
Introduced 2/18/2009, by Rep. Jay C. Hoffman
 
SYNOPSIS AS INTRODUCED:
 		













30 ILCS 225/1
  from Ch. 102, par. 34







    Amends the Public Funds Deposit Act.  Makes a technical change in a Section
concerning deposits.
















LRB096 10024 RCE 20188 b

















 


 


A BILL FOR









 











HB1225

LRB096 10024 RCE 20188 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 
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changing Section 1 as follows:
 



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    (30 ILCS 225/1)  (from Ch. 102, par. 34)



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    Sec. 1. Deposits. Any treasurer or other custodian of 
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public funds may
deposit
such funds in a savings and
and loan 
9
association, savings bank, or State or
national bank
in this 
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State.  When such deposits become collected funds and are not 
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needed
for immediate disbursement, they shall be invested 
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within 2 working days
at prevailing rates or better.  The 
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treasurer or other custodian of public
funds may require
such 
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bank, savings bank, or savings and loan association to deposit 
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with
him or her securities
guaranteed by agencies and 
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instrumentalities of the federal government
equal in market 
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value to the
amount by which the funds deposited exceed the 
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federally insured amount.
Any treasurer or other custodian of 
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public funds may accept as
security for public funds deposited 
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in such bank, savings bank, or
savings and loan association any 
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securities or other eligible
collateral authorized by Sections 
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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 
 


 






HB1225
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1
ILCS 235/6).
Such treasurer or other custodian is
authorized to 
2
enter into an agreement with any such bank, savings bank,
or 
3
savings
and
loan association, with any federally insured 
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financial institution or trust
company, or with any agency of 
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the U.S. government relating to the
deposit of such securities.

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Any such treasurer or other custodian shall
be discharged from 
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responsibility for any funds for which securities are
so 
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deposited with him or her, and the funds for which securities 
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are so
deposited shall not be subject to any otherwise 
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applicable limitation as
to amount.
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    No bank, savings bank, or savings and loan association 
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shall receive
public funds as
permitted by this Section, unless 
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it has complied with the requirements
established pursuant to 
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Section 6 of the Public Funds Investment Act.

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(Source: P.A. 93-561, eff. 1-1-04.)