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| | HB5884 Engrossed | | LRB099 20550 MLM 45100 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Public Funds Investment Act is amended by |
| 5 | | adding Section 9 as follows:
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| 6 | | (30 ILCS 235/9 new) |
| 7 | | Sec. 9. Municipal and county investment in not-for-profit |
| 8 | | community development financial institutions. Municipalities |
| 9 | | and counties may invest up to $250,000 per year in public funds |
| 10 | | in not-for-profit community development financial institutions |
| 11 | | across all institutions. These financial institutions must |
| 12 | | have at least $5,000,000 in net assets and have earned at least |
| 13 | | an "A" rating by an investment rating organization that |
| 14 | | primarily provides services for community development |
| 15 | | financial institutions. Investments made under this Section |
| 16 | | shall be made for a term and at a rate acceptable to the |
| 17 | | municipality or county and the municipality or county may set |
| 18 | | benchmarks in order to continue investing in the not-for-profit |
| 19 | | community development financial institution.
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| 20 | | Section 99. Effective date. This Act takes effect upon |
| 21 | | becoming law.
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