|
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1421
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - Jack D. Franks SYNOPSIS AS INTRODUCED:
|
|
15 ILCS 520/2 |
from Ch. 130, par. 21 |
|
Amends the Deposit of State Moneys Act. Makes a technical change in a Section
concerning interest on deposits.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB1421 |
|
LRB096 04907 RCE 14973 b |
|
|
| 1 |
| AN ACT concerning State government.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Deposit of State Moneys Act is amended by |
| 5 |
| changing Section 2 as follows:
|
| 6 |
| (15 ILCS 520/2) (from Ch. 130, par. 21)
|
| 7 |
| Sec. 2.
All banks or savings and
and loan associations in |
| 8 |
| which any such
money is deposited shall be required to
pay |
| 9 |
| interest on time deposit accounts if members of the Federal |
| 10 |
| Reserve
system are permitted to pay interest on the particular |
| 11 |
| class of deposit.
All interest received or paid on account of |
| 12 |
| money in the State treasury
belonging to or for the use of the |
| 13 |
| State so deposited in banks or savings
and loan associations, |
| 14 |
| shall be
the property of the State of Illinois. If any moneys |
| 15 |
| held by the State
Treasurer shall be deposited in
banks or |
| 16 |
| savings and loan associations pursuant to the provisions of
|
| 17 |
| this Act, the interest received thereon
shall be credited as |
| 18 |
| provided in Section 4.1 of "An Act in relation to
State |
| 19 |
| finance". |
| 20 |
| (Source: P.A. 84-1378.)
|