Illinois General Assembly - Full Text of HB4870
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Full Text of HB4870  102nd General Assembly

HB4870 102ND GENERAL ASSEMBLY


 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4870

 

Introduced 1/27/2022, by Rep. Jim Durkin

 

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.


LRB102 25629 RJF 34921 b

 

 

A BILL FOR

 

HB4870LRB102 25629 RJF 34921 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Funds Deposit Act is amended by
5changing Section 1 as follows:
 
6    (30 ILCS 225/1)  (from Ch. 102, par. 34)
7    Sec. 1. Deposits. Any treasurer or other custodian of
8public funds may deposit such funds in a savings and and loan
9association, savings bank, or State or national bank in this
10State, or deposit those funds into demand deposit accounts in
11accordance with Section 6.5 of the Public Funds Investment
12Act. When such deposits become collected funds and are not
13needed for immediate disbursement, they shall be invested
14within 2 working days at prevailing rates or better. The
15treasurer or other custodian of public funds may require such
16bank, savings bank, or savings and loan association to deposit
17with him or her securities guaranteed by agencies and
18instrumentalities of the federal government equal in market
19value to the amount by which the funds deposited exceed the
20federally insured amount. Any treasurer or other custodian of
21public funds may accept as security for public funds deposited
22in such bank, savings bank, or savings and loan association
23any securities or other eligible collateral authorized by

 

 

HB4870- 2 -LRB102 25629 RJF 34921 b

1Sections 11 and 11.1 of the Deposit of State Moneys Act or
2Section 6 of the Public Funds Investment Act. Such treasurer
3or other custodian is authorized to enter into an agreement
4with any such bank, savings bank, or savings and loan
5association, with any federally insured financial institution
6or trust company, or with any agency of the U.S. government
7relating to the deposit of such securities. Any such treasurer
8or other custodian shall be discharged from responsibility for
9any funds for which securities are so deposited with him or
10her, and the funds for which securities are so deposited shall
11not be subject to any otherwise applicable limitation as to
12amount.
13    No bank, savings bank, or savings and loan association
14shall receive public funds as permitted by this Section,
15unless it has complied with the requirements established
16pursuant to Section 6 of the Public Funds Investment Act or is
17otherwise exempt from compliance as authorized by Section 6.5
18of that Act.
19(Source: P.A. 102-297, eff. 8-6-21.)