Rep. Katherine Cloonen
Filed: 4/5/2016
 
 

 

 

 
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1
AMENDMENT TO HOUSE BILL 5884 




2    AMENDMENT NO. ______. Amend House Bill 5884 by replacing 
3everything after the enacting clause with the following:

 
 
4    "Section 5. The Public Funds Investment Act is amended  by 
5adding Section 9 as follows:
 
6    (30 ILCS 235/9 new)
7    Sec. 9. Municipal and county investment in not-for-profit 
8community development financial institutions. Municipalities 
9and counties may invest up to $250,000 per year in public funds 
10in not-for-profit community development financial institutions 
11across all institutions. These financial institutions must 
12have at least $5,000,000 in net assets and have earned at least 
13an "A" rating by an investment rating organization that 
14primarily provides services for community development 
15financial institutions. Investments made under this Section 
16shall be made for a term and at a rate acceptable to the 
 
 
09900HB5884ham001- 2 -LRB099 20550 MLM 47078 a

1municipality or county and the municipality or county may set 
2benchmarks in order to continue investing in the not-for-profit 
3community development financial institution.
  
 

4    Section 99. Effective date. This Act takes effect upon 
5becoming law.".