Full Text of SB0653 102nd General Assembly
SB0653enr 102ND GENERAL ASSEMBLY |
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| 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 State Treasurer Act is amended by changing | 5 | | Section 30 as follows: | 6 | | (15 ILCS 505/30) | 7 | | Sec. 30. Preferences for veterans, minorities, women, and | 8 | | persons with disabilities. | 9 | | (a) As used in this Section: | 10 | | (1) the terms "minority person", "woman", "person with | 11 | | a disability", "minority-owned business", "women-owned | 12 | | business", "business owned by a person with a disability", | 13 | | and "control" have the meanings provided in Section 2 1 of | 14 | | the Business Enterprise for Minorities, Women, and Persons | 15 | | with Disabilities Act; and | 16 | | (2) the terms "veteran", "qualified veteran-owned | 17 | | small business", "qualified service-disabled | 18 | | veteran-owned small business", "qualified | 19 | | service-disabled veteran", and "armed forces of the United | 20 | | States" have the meanings provided in Article 45 1 of the | 21 | | Illinois Procurement Code. | 22 | | (b) It is hereby declared to be the policy of the State | 23 | | Treasurer to promote and encourage the use of businesses owned |
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| 1 | | by or under the control of qualified veterans of the armed | 2 | | forces of the United States, qualified service-disabled | 3 | | veterans, minority persons, women, or persons with a | 4 | | disability in the area of goods and services. Furthermore, the | 5 | | State Treasurer shall utilize such businesses to the greatest | 6 | | extent feasible within the bounds of financial and fiduciary | 7 | | prudence, and take affirmative steps to remove any barriers to | 8 | | the full participation of such firms in the procurement and | 9 | | contracting opportunities afforded. | 10 | | (c) It shall be an aspirational goal of the State | 11 | | Treasurer to use businesses owned by or under the control of | 12 | | qualified veterans of the armed forces of the United States, | 13 | | qualified service-disabled veterans, minority persons, women, | 14 | | or persons with a disability for not less than 25% of the total | 15 | | dollar amount of funds under management, purchases of | 16 | | investment securities, and other contracts, including, but not | 17 | | limited to, the use of broker-dealers. The State Treasurer is | 18 | | authorized to establish additional aspirational goals. | 19 | | (d) When the State Treasurer procures goods and services, | 20 | | whether through a request for proposal or otherwise, he or she | 21 | | is authorized to incorporate preferences in the scoring | 22 | | process for: (1) a minority-owned business, a women-owned | 23 | | business, a business owned by a person with a disability, a | 24 | | qualified veteran-owned small business, or a qualified | 25 | | service-disabled veteran-owned small business; and (2) | 26 | | businesses having a record of support for increasing diversity |
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| 1 | | and inclusion in board membership, management, employment, | 2 | | philanthropy, and supplier diversity, including investment | 3 | | professionals and investment sourcing. | 4 | | When the State Treasurer utilizes a financial institution | 5 | | or determines the eligibility of a financial institution to | 6 | | participate in a banking contract, investment contract, | 7 | | investment activity, or other financial program of the State | 8 | | Treasurer, he or she shall review the financial institution's | 9 | | Community Reinvestment Act rating, record, and current level | 10 | | of financial commitment to the community prior to making a | 11 | | decision to utilize or determine the eligibility of such | 12 | | financial institution. | 13 | | (e) Beginning with fiscal year 2019, and at least annually | 14 | | thereafter, the State Treasurer shall report on his or her | 15 | | utilization of minority-owned businesses, women-owned | 16 | | businesses, businesses owned by a person with a disability, | 17 | | qualified veteran-owned small businesses, or qualified | 18 | | service-disabled veteran-owned small businesses. The report | 19 | | shall be published on the State Treasurer's official website. | 20 | | (f) The provisions of this Section take precedence over | 21 | | any goals established under the Business Enterprise for | 22 | | Minorities, Women, and Persons with Disabilities Act.
| 23 | | (Source: P.A. 100-969, eff. 8-19-18.) | 24 | | Section 10. The Deposit of State Moneys Act is amended by | 25 | | changing Sections 1, 1.1, 2, 7, 8, 9, 10, 11, 12, 14, 15, 17, |
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| 1 | | 18, 19, 20, 22, 22.5, 22.8, and 23 as follows:
| 2 | | (15 ILCS 520/1) (from Ch. 130, par. 20)
| 3 | | Sec. 1.
The State Treasurer shall deposit all
moneys | 4 | | received by him or her on account of the State within five days | 5 | | after
receiving the same in such financial institutions banks, | 6 | | savings and loan associations
or credit unions of
the State as | 7 | | may be authorized to
receive such deposits under the terms of | 8 | | this Act. The money so deposited
shall be placed to the account | 9 | | of the State Treasurer.
| 10 | | No financial institution bank, savings and loan | 11 | | association or credit union
shall receive public funds as
| 12 | | permitted by this Act Section , unless it has complied with the | 13 | | requirements
established pursuant to this Act Section 6 of "An | 14 | | Act relating to certain investments
of public funds by public | 15 | | agencies", approved July 23, 1943, as now or hereafter
| 16 | | amended .
| 17 | | For purposes of this Act, the term "financial institution" | 18 | | "bank" or "savings and loan association"
shall be deemed to | 19 | | include a bank, a savings and loan association, a savings | 20 | | bank, a credit union, a minority depository institution as | 21 | | designated by the Federal Deposit Insurance Corporation, or a | 22 | | community development financial institution certified by the | 23 | | United States Treasury Community Development Financial | 24 | | Institutions Fund, which is operating in the State of Illinois | 25 | | a credit union, and, unless otherwise
specifically set forth |
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| 1 | | in this Act, credit unions shall be subject to all
rights, | 2 | | privileges, remedies, duties, and obligations granted or | 3 | | imposed by
this Act upon banks and savings and loan | 4 | | associations .
| 5 | | The State Treasurer may require financial institutions to | 6 | | submit sworn statements of resources and liabilities that are | 7 | | required to be furnished to any regulatory or licensing | 8 | | entity, and reports of any examination prepared by or | 9 | | submitted to any regulatory or licensing entity. All records | 10 | | submitted by a financial institution pursuant to this Section | 11 | | shall remain confidential in accordance with applicable laws. | 12 | | The State Treasurer may accept as security for public | 13 | | funds deposited in a financial institution any securities or | 14 | | other eligible collateral authorized by this Act. The State | 15 | | Treasurer is authorized to enter into an agreement with any | 16 | | financial institution, or trust company, or with any agency of | 17 | | the U.S. government relating to the deposit of such assets or | 18 | | securities. The State Treasurer shall be discharged from | 19 | | responsibility for any funds for which assets or securities | 20 | | are so deposited with him or her, and the funds for which | 21 | | securities are so deposited shall not be subject to any | 22 | | otherwise applicable limitation as to amount. | 23 | | This Act shall govern the deposit of State moneys for all | 24 | | public funds under the custody or control of the State | 25 | | Treasurer. | 26 | | (Source: P.A. 85-803.)
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| 1 | | (15 ILCS 520/1.1) (from Ch. 130, par. 20.1)
| 2 | | Sec. 1.1.
When investing or depositing public funds, each | 3 | | custodian
shall, to the extent permitted by this Act and by the | 4 | | lawful and reasonable
performance of his custodial duties, | 5 | | invest or deposit such funds with or
in minority-owned | 6 | | financial institutions within this State. For the purposes of | 7 | | this Section, "minority-owned financial institutions" means a | 8 | | financial institution with 51% or more of the stock or equity | 9 | | of the business owned by women, minority persons, military | 10 | | veterans, qualified service-disabled veteran-owned, or persons | 11 | | with disabilities as defined in Section 2 of the Business | 12 | | Enterprise for Minorities, Women, and Persons with | 13 | | Disabilities Act and Section 45-57 of the Illinois Procurement | 14 | | Code.
| 15 | | (Source: P.A. 84-754.)
| 16 | | (15 ILCS 520/2) (from Ch. 130, par. 21)
| 17 | | Sec. 2.
All financial institutions banks or savings and | 18 | | loan associations in which any such
money is deposited shall | 19 | | be required to
pay interest on time deposit accounts if | 20 | | members of the Federal Reserve
system are permitted to pay | 21 | | interest on the particular class of deposit .
All interest | 22 | | received or paid on account of money in the State Treasury | 23 | | treasury
belonging to or for the use of the State so deposited | 24 | | in financial institutions banks or savings
and loan |
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| 1 | | associations, shall be
the property of the State of Illinois. | 2 | | If any moneys held by the State
Treasurer shall be deposited in | 3 | | financial institutions
banks or savings and loan associations | 4 | | pursuant to the provisions of
this Act, the interest received | 5 | | thereon
shall be credited as provided in Section 4.1 of the | 6 | | State Finance Act "An Act in relation to
State finance" .
| 7 | | (Source: P.A. 84-1378.)
| 8 | | (15 ILCS 520/7) (from Ch. 130, par. 26)
| 9 | | Sec. 7. (a) State depositories. The State Treasurer may, | 10 | | in his or her discretion, allow a financial institution to | 11 | | become a State depository. To become an approved State | 12 | | depository, a financial institution shall submit an | 13 | | application or proposal, along with all required forms and | 14 | | documentation, in a manner prescribed by the Treasurer. | 15 | | Proposals made may either be approved or rejected by the
State | 16 | | Treasurer. A bank or savings and loan association whose | 17 | | proposal
is approved shall be eligible to become a State | 18 | | depositary for the class or
classes of funds covered by its | 19 | | proposal. A bank or savings and loan
association whose | 20 | | proposal is rejected shall not be so eligible.
The State
| 21 | | Treasurer shall seek to have at all times a total of not less
| 22 | | than 20 banks or savings and loan associations which are | 23 | | approved as
State depositaries for time deposits.
| 24 | | In order to receive funds under this Section, a financial | 25 | | institution must become a State depository. Prior to allowing |
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| 1 | | a financial institution to become a State depository, the | 2 | | State Treasurer shall consider the financial institution's | 3 | | financial condition and community and economic development | 4 | | efforts. | 5 | | All applications submitted pursuant to this Section will | 6 | | be reviewed in accordance with the terms defined by the | 7 | | program documents and in the respective application and | 8 | | related documents. | 9 | | (b) Linked deposits. The State Treasurer may, in his or | 10 | | her
discretion, accept a proposal or application from a | 11 | | financial an eligible institution which provides
for a reduced | 12 | | rate of interest provided that the financial such institution | 13 | | uses the documents the
use of deposited funds for the purpose | 14 | | of economic and community development in the State of | 15 | | Illinois, which may include, but not be limited to loans for | 16 | | the following: agriculture, business, individuals, and | 17 | | community development. Financial institutions, and, in some | 18 | | cases borrowers, that utilize linked deposit funds shall | 19 | | provide documentation regarding the use of such funds in a | 20 | | manner prescribed by the Treasurer projects .
| 21 | | (b-5) (Blank). The State Treasurer may, in his or her | 22 | | discretion, accept a proposal
from an eligible institution | 23 | | that provides for a reduced rate of interest,
provided that | 24 | | such institution agrees to expend an amount of money equal to
| 25 | | the amount of the reduction for the preservation of Cahokia | 26 | | Mounds.
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| 1 | | (b-10) (Blank). The State Treasurer may, in his or her | 2 | | discretion, accept a
proposal
from an
eligible institution | 3 | | that provides for a reduced rate of interest, provided
that | 4 | | the institution
agrees to expend an amount of money equal to | 5 | | the amount of the reduction for
senior
centers.
| 6 | | (b-15) Access to capital. The State Treasurer may, in his | 7 | | or her discretion, accept a proposal or application from a | 8 | | financial institution for access to capital at market rate to | 9 | | provide added liquidity or administer lending activities in | 10 | | the State of Illinois. | 11 | | (c) Home loans. The State Treasurer may, in his or her | 12 | | discretion, accept a proposal or application
from a financial | 13 | | an eligible institution that provides for interest earnings on | 14 | | deposits
of State moneys to be held by the financial | 15 | | institution in a separate account that the
State Treasurer may | 16 | | use to secure up to 10% of any (i) home loans to Illinois
| 17 | | citizens purchasing or refinancing a home in Illinois in | 18 | | situations where the participating
financial institution would | 19 | | not offer the borrower a home loan under the financial
| 20 | | institution's prevailing credit standards without the | 21 | | incentive of the 10% guarantee for the first 5 years of the | 22 | | loan a reduced
rate of interest on deposits of State moneys , | 23 | | (ii) existing home loans of
Illinois citizens who have failed | 24 | | to make payments on a home loan as a result
of a financial | 25 | | hardship due to circumstances beyond the control of the | 26 | | borrower
where there is a reasonable prospect that the |
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| 1 | | borrower will be able to resume
full mortgage payments, and | 2 | | (iii) loans in amounts that do not exceed the
amount of | 3 | | arrearage on a mortgage and that are extended to enable a | 4 | | borrower
to become current on his or her mortgage obligation.
| 5 | | The following factors shall be considered by the | 6 | | participating financial
institution to determine whether the | 7 | | financial hardship is due to circumstances
beyond the control | 8 | | of the borrower: (i) loss, reduction, or delay in the
receipt | 9 | | of income because of the death or disability of a person who
| 10 | | contributed to the household income, (ii) expenses actually | 11 | | incurred related to
the uninsured damage or costly repairs to | 12 | | the mortgaged premises affecting its
habitability, (iii) | 13 | | expenses related to the death or illness in the borrower's
| 14 | | household or of family members living outside the household | 15 | | that reduce the
amount of household income, (iv) loss of | 16 | | income or a substantial increase in
total housing expenses | 17 | | because of divorce, abandonment, separation from a
spouse, or | 18 | | failure to support a spouse or child, (v) unemployment or
| 19 | | underemployment, (vi) loss, reduction, or delay in the receipt | 20 | | of federal,
State, or other government benefits, and (vii) | 21 | | participation by the homeowner
in a recognized labor action | 22 | | such as a strike. In determining whether there is
a reasonable | 23 | | prospect that the borrower will be able to resume full | 24 | | mortgage
payments, the
participating financial institution | 25 | | shall consider factors including, but not
necessarily limited | 26 | | to the following: (i) a favorable work and credit history,
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| 1 | | (ii) the borrower's ability to and history of paying the | 2 | | mortgage when
employed, (iii) the lack of an impediment or | 3 | | disability that prevents
reemployment, (iv) new education and | 4 | | training opportunities, (v) non-cash
benefits that may reduce | 5 | | household expenses, and (vi) other debts.
| 6 | | For the purposes of this Section, "home loan" means a | 7 | | loan, other than an
open-end credit plan or a reverse mortgage | 8 | | transaction, for which (i) the
principal amount of the loan | 9 | | does not exceed the conforming loan size
limit as established | 10 | | from time to time by the
Federal National Mortgage | 11 | | Association, (ii) the borrower is a natural person,
(iii) the | 12 | | debt is incurred by the borrower primarily for personal, | 13 | | family, or
household purposes, and (iv) the loan is secured by | 14 | | a mortgage or deed of trust
on real estate upon which there is | 15 | | located or there is to be located a
structure designed | 16 | | principally for the occupancy of no more than 4
families and | 17 | | that is or
will be occupied by the borrower as the borrower's | 18 | | principal dwelling.
| 19 | | (d) If there is an
agreement between the State Treasurer | 20 | | and an eligible institution that details
the use of deposited | 21 | | funds, the agreement may not require the gift of money,
goods, | 22 | | or services to a third party; this provision does not restrict | 23 | | the
eligible institution from contracting with third parties | 24 | | in order to carry out
the intent of the agreement or restrict | 25 | | the State Treasurer from placing
requirements upon third-party | 26 | | contracts entered into by the eligible
institution.
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| 1 | | (Source: P.A. 95-834, eff. 8-15-08.)
| 2 | | (15 ILCS 520/8) (from Ch. 130, par. 27)
| 3 | | Sec. 8.
All proposals and applications shall be retained | 4 | | by be filed in the office of the State Treasurer in accordance | 5 | | with the State Treasurer's approved record retention policy ,
| 6 | | and shall be open at all reasonable hours to public | 7 | | inspection. The State
Treasurer shall maintain a current list | 8 | | of the financial institutions banks or savings and loan
| 9 | | associations serving as State depositories
depositaries of | 10 | | public moneys, with a statement of the rate of interest
paid by | 11 | | each and the maturity date of such deposits, which list shall
| 12 | | likewise be open to public inspection and shall be updated and | 13 | | posted on the State Treasurer's official website . A copy of | 14 | | each revision of the
current list shall be supplied to the | 15 | | Governor.
| 16 | | (Source: P.A. 83-541.)
| 17 | | (15 ILCS 520/9) (from Ch. 130, par. 28)
| 18 | | Sec. 9.
The approval of any proposal or application shall | 19 | | confer no right upon any financial institution bank
or savings | 20 | | and loan association to
receive deposits of public money.
| 21 | | (Source: P.A. 83-541.)
| 22 | | (15 ILCS 520/10) (from Ch. 130, par. 29)
| 23 | | Sec. 10.
The State Treasurer may enter into an agreement |
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| 1 | | in conformity
with this Act with any financial institution | 2 | | bank or savings and loan association
relating to
the deposit | 3 | | of securities. Such agreement may authorize the holding
by | 4 | | such financial institution bank or savings and loan | 5 | | association of such securities in custody
and safekeeping | 6 | | solely under the instructions of the State Treasurer either
| 7 | | (a) in the office of such financial institution bank or | 8 | | savings and loan
association , or under the custody and | 9 | | safekeeping of another financial institution bank or
savings | 10 | | and loan association in this State for the
depository | 11 | | financial institution bank or savings and loan association , or | 12 | | (b) in a bank or a depository trust company
in the United | 13 | | States if the securities to be deposited are held in custody | 14 | | and safekeeping for such financial institution bank or savings | 15 | | and loan association .
| 16 | | (Source: P.A. 101-206, eff. 8-2-19; revised 9-12-19.)
| 17 | | (15 ILCS 520/11) (from Ch. 130, par. 30)
| 18 | | Sec. 11. Protection of public deposits; eligible | 19 | | collateral.
| 20 | | (a) For deposits not insured by an agency of the federal | 21 | | government, or above the applicable insured limits,
the State | 22 | | Treasurer, in his or her discretion, may accept as collateral | 23 | | any
of the
following assets or classes of securities, provided | 24 | | there has been no default in the
payment of principal or | 25 | | interest thereon:
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| 1 | | (1) Bonds, notes, or other securities constituting | 2 | | direct and general
obligations of the United States, the | 3 | | bonds, notes, or other securities
constituting the direct | 4 | | and general obligation of any agency or
instrumentality of | 5 | | the United States, the interest and principal of which
is | 6 | | unconditionally guaranteed by the United States, and | 7 | | bonds, notes, or
other securities or evidence of | 8 | | indebtedness constituting the obligation of
a U.S. agency | 9 | | or instrumentality.
| 10 | | (2) Direct and general obligation bonds of the State | 11 | | of Illinois or of
any other state of the United States.
| 12 | | (3) Revenue bonds of this State or any authority, | 13 | | board, commission,
or similar agency thereof.
| 14 | | (4) Direct and general obligation bonds of any city, | 15 | | town, county,
school district, or other taxing body of any | 16 | | state, the debt service of
which is payable from general | 17 | | ad valorem taxes.
| 18 | | (5) Revenue bonds of any city, town, county, or school | 19 | | district of the
State of Illinois.
| 20 | | (6) Obligations issued, assumed, or guaranteed by the | 21 | | International
Finance Corporation, the principal of which | 22 | | is not amortized during the
life of the obligation, but no | 23 | | such obligation shall be accepted at more
than 90% of its | 24 | | market value.
| 25 | | (7) Illinois Affordable Housing Program Trust Fund | 26 | | Bonds or Notes as
defined in and issued pursuant to the |
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| 1 | | Illinois Housing Development Act.
| 2 | | (8) In an amount equal to at least market value of that | 3 | | amount of funds
deposited exceeding the insurance | 4 | | limitation provided by the Federal Deposit
Insurance | 5 | | Corporation or the National Credit Union Administration or | 6 | | other
approved share insurer: (i) securities, (ii) | 7 | | mortgages, (iii) letters of
credit issued by a Federal | 8 | | Home Loan Bank, or (iv) loans covered by a State
Guarantee | 9 | | under the Illinois Farm Development Act, if that
guarantee | 10 | | has been assumed by the Illinois Finance Authority under | 11 | | Section
845-75 of the Illinois Finance Authority Act, and | 12 | | loans covered by a State
Guarantee under Article 830 of | 13 | | the Illinois Finance Authority Act.
| 14 | | (9) Obligations of either corporations or limited | 15 | | liability companies organized in the United States with | 16 | | assets exceeding $500,000,000 if: (i) the obligations are | 17 | | rated at the time of purchase at one of the 3 highest | 18 | | classifications established by at least 2 standard rating | 19 | | services and mature more than 270 days, but less than 5 | 20 | | years, from the date of purchase; and (ii) the corporation | 21 | | or the limited liability company has not been placed on | 22 | | the list of restricted companies by the Illinois | 23 | | Investment Policy Board under Section 1-110.16 of the | 24 | | Illinois Pension Code. | 25 | | (10) Share certificates issued to the depository | 26 | | institution pledging them as security. |
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| 1 | | (b) The State Treasurer may establish a system to | 2 | | aggregate permissible assets or
securities received as | 3 | | collateral from financial institutions in a
collateral pool to | 4 | | secure State deposits of the institutions that have
pledged | 5 | | assets or securities to the pool.
| 6 | | (c) The State Treasurer may at any time declare any | 7 | | particular asset or security
ineligible to qualify as | 8 | | collateral when, in the Treasurer's judgment, it
is deemed | 9 | | desirable to do so.
| 10 | | (d) Notwithstanding any other provision of this Section, | 11 | | as security the
State Treasurer may, in his discretion, accept | 12 | | a bond, executed by a company
authorized to transact the kinds | 13 | | of business described in clause (g) of
Section 4 of the | 14 | | Illinois Insurance Code, in an amount not less than the
amount | 15 | | of the deposits required by this Section to be secured, | 16 | | payable to the
State Treasurer for the benefit of the People of | 17 | | the State of Illinois, in
a form that is acceptable to the | 18 | | State Treasurer.
| 19 | | (Source: P.A. 101-206, eff. 8-2-19.)
| 20 | | (15 ILCS 520/12) (from Ch. 130, par. 31)
| 21 | | Sec. 12.
All assets or securities deposited by financial | 22 | | institutions approved banks or savings and loan
associations | 23 | | under the provisions of
this Act shall remain the property of | 24 | | the financial institutions banks or savings and loan | 25 | | associations
depositing such securities.
Should the depository |
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| 1 | | depositary refuse or fail to pay over the moneys, or any part
| 2 | | thereof, deposited with it when due and payable, the State | 3 | | Treasurer may
sell such securities in accordance with the | 4 | | terms of any agreement between
the State Treasurer and the | 5 | | depository financial institution depositary bank or savings | 6 | | and loan association
or, if applicable, institute suit on the | 7 | | bond.
If a depository depositary fails or
suspends active | 8 | | operations, the deposit in such depository depositary shall | 9 | | become due
and payable immediately, any agreement or contract | 10 | | to the contrary
notwithstanding. Such sale shall transfer | 11 | | absolute ownership of the
securities so sold to the vendee | 12 | | thereof. The surplus, if any, over the
amount due to the State | 13 | | and the expenses of the sale shall be paid to the depository
| 14 | | depositary . Actions may be brought in the name of the People of | 15 | | the State
of Illinois to enforce the claims of the State with | 16 | | respect to any assets or
securities deposited by an approved | 17 | | financial institution bank or savings and loan association .
| 18 | | (Source: P.A. 85-233.)
| 19 | | (15 ILCS 520/14) (from Ch. 130, par. 33)
| 20 | | Sec. 14. Interest. The State Treasurer shall enter into | 21 | | deposit agreements with
financial institutions specifying the | 22 | | manner of interest calculation and
compounding and the | 23 | | frequency of interest collection regarding moneys deposited
| 24 | | under this Act.
| 25 | | (Source: P.A. 89-153, eff. 7-14-95.)
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| 1 | | (15 ILCS 520/15) (from Ch. 130, par. 34)
| 2 | | Sec. 15.
(a) A financial institution bank or savings and | 3 | | loan association approved as a State depository
depositary | 4 | | shall cease to be an approved depository financial institution | 5 | | bank or savings and loan
association , and shall be | 6 | | disqualified by the State Treasurer:
| 7 | | (1) Upon its failure to post a suitable bond or | 8 | | deposit assets or securities
with the State Treasurer;
| 9 | | (2) Upon its failure or refusal to pay over public | 10 | | moneys or any part
thereof;
| 11 | | (3) Upon its becoming insolvent or bankrupt, or being | 12 | | placed in the
hands of a receiver; or
| 13 | | (4) Upon a showing of unsatisfactory financial | 14 | | condition through a
report made to, or an examination made | 15 | | by any regulatory or licensing body , the Comptroller of | 16 | | the Currency, the
Commissioner of Banks and Real Estate, | 17 | | or the Federal Home Loan Bank or its
successors .
| 18 | | (b) No approved depository depositary shall be | 19 | | disqualified by the State
Treasurer solely by reason of its | 20 | | acquisition by another institution , unless the acquiring | 21 | | institution does not meet the criteria established by the | 22 | | State Treasurer .
| 23 | | (c) An approved depository may be disqualified by the | 24 | | State Treasurer, in his or her sole discretion, for violating | 25 | | the terms of the deposit agreement or any contract or |
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| 1 | | agreement with the State Treasurer. | 2 | | (Source: P.A. 89-508, eff. 7-3-96.)
| 3 | | (15 ILCS 520/17) (from Ch. 130, par. 36)
| 4 | | Sec. 17.
The State Treasurer shall keep in his or her | 5 | | office a record showing his or her
account with each financial | 6 | | institution bank or savings and loan association ,
with entries | 7 | | therein showing the dates and
amounts of each deposit, rate of | 8 | | interest, withdrawals and date of each,
and balance on | 9 | | deposit. Each account shall show the date and amount of
| 10 | | interest received during each interest paying period. Such | 11 | | record shall at
all times be open to public inspection.
| 12 | | (Source: P.A. 83-541.)
| 13 | | (15 ILCS 520/18) (from Ch. 130, par. 37)
| 14 | | Sec. 18.
The State Treasurer shall make a monthly report | 15 | | to the Governor
giving a detailed statement of the balances on | 16 | | deposit in the financial institutions several
banks or savings | 17 | | and loan associations , and the amount paid by each
such | 18 | | financial institution bank or savings and loan association as | 19 | | interest on moneys so
deposited. Such statement shall contain | 20 | | the name of each financial institution bank or savings
and | 21 | | loan association , and the
amount in such financial institution | 22 | | bank or savings and loan association subject to draft
at the | 23 | | close of business on the last
day of the month for which the | 24 | | report is made, and on the last day of the
month next |
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| 1 | | preceding. A copy of such report shall be retained by the State
| 2 | | Treasurer and shall be made available for inspection by the | 3 | | public at any
reasonable time. The State Treasurer may satisfy | 4 | | the requirements of this Section by posting the monthly report | 5 | | on the State Treasurer's official Internet website.
| 6 | | (Source: P.A. 99-856, eff. 8-19-16.)
| 7 | | (15 ILCS 520/19) (from Ch. 130, par. 38)
| 8 | | Sec. 19.
Nothing in this Act contained shall be held to | 9 | | prevent the State
Treasurer from withdrawing any, or all, of | 10 | | the moneys so deposited, for the
purpose of paying the | 11 | | appropriations and obligations of the State, nor to
prevent | 12 | | his or her transferring moneys from one financial institution | 13 | | bank or savings and loan association
to another, and nothing
| 14 | | herein contained shall in any way affect the duty of the State | 15 | | Treasurer to
keep a correct and accurate account of all moneys | 16 | | received and to pay out
same only on authority of law; but the | 17 | | State Treasurer shall, as
heretofore, be personally | 18 | | responsible for the faithful accounting of all
moneys paid to | 19 | | him or her as State Treasurer.
| 20 | | (Source: P.A. 83-541.)
| 21 | | (15 ILCS 520/20) (from Ch. 130, par. 39)
| 22 | | Sec. 20.
No financial institution bank or savings and loan | 23 | | association
holding moneys deposited therewith
by the State | 24 | | Treasurer, in accordance with the provisions of this Act, or
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| 1 | | otherwise, and no officer of any such financial institution | 2 | | bank or savings and loan association ,
or other person, shall | 3 | | pay to,
withhold for the benefit of, or contract in any manner | 4 | | for the payment to
such State Treasurer, or to any other person | 5 | | for him or her , of any interest, or
other fee, perquisite, or | 6 | | emolument, on account of the deposit of such
moneys, except | 7 | | such interest as shall be paid to such State Treasurer for
the | 8 | | benefit of the State.
| 9 | | (Source: P.A. 83-541.)
| 10 | | (15 ILCS 520/22) (from Ch. 130, par. 41)
| 11 | | Sec. 22.
No securities , deposited with the State | 12 | | Treasurer , shall be removed from
the State Treasury treasury | 13 | | except under the terms of this Act. The misappropriation
or | 14 | | use of such securities, otherwise than as prescribed in this | 15 | | Act, shall
be deemed a Class 3 felony. The State Treasurer | 16 | | shall be liable upon his
official bond for any loss or | 17 | | misappropriation of securities so deposited.
| 18 | | (Source: P.A. 77-2610 .)
| 19 | | (15 ILCS 520/22.5) (from Ch. 130, par. 41a)
| 20 | | (For force and effect of certain provisions, see Section | 21 | | 90 of P.A. 94-79) | 22 | | Sec. 22.5. Permitted investments. The State Treasurer may , | 23 | | with the
approval of the Governor, invest and reinvest any | 24 | | State money in the State Treasury treasury
which is not needed |
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| 1 | | for current expenditures due or about to become due, in
| 2 | | obligations of the United States government or its agencies or | 3 | | of National
Mortgage Associations established by or under the | 4 | | National Housing Act, 12
U.S.C. 1701 et seq., or
in mortgage | 5 | | participation certificates representing undivided interests in
| 6 | | specified, first-lien conventional residential Illinois | 7 | | mortgages that are
underwritten, insured, guaranteed, or | 8 | | purchased by the Federal Home Loan
Mortgage Corporation or in | 9 | | Affordable Housing Program Trust Fund Bonds or
Notes as | 10 | | defined in and issued pursuant to the Illinois Housing | 11 | | Development
Act. All such obligations shall be considered as | 12 | | cash and may
be delivered over as cash by a State Treasurer to | 13 | | his successor.
| 14 | | The State Treasurer may , with the approval of the | 15 | | Governor, purchase
any state bonds with any money in the State | 16 | | Treasury that has been set
aside and held for the payment of | 17 | | the principal of and interest on the
bonds. The bonds shall be | 18 | | considered as cash and may be delivered over
as cash by the | 19 | | State Treasurer to his successor.
| 20 | | The State Treasurer may, with the approval of the | 21 | | Governor, invest or
reinvest any State money in the treasury | 22 | | that is not needed for
current expenditure due or about to | 23 | | become due, or any money in the
State Treasury that has been | 24 | | set aside and held for the payment of the
principal of and the | 25 | | interest on any State bonds, in shares,
withdrawable accounts, | 26 | | and investment certificates of savings and
building and loan |
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| 1 | | associations, incorporated under the laws of this
State or any | 2 | | other state or under the laws of the United States;
provided, | 3 | | however, that investments may be made only in those savings
| 4 | | and loan or building and loan associations the shares and | 5 | | withdrawable
accounts or other forms of investment securities | 6 | | of which are insured
by the Federal Deposit Insurance | 7 | | Corporation.
| 8 | | The State Treasurer may not invest State money in any | 9 | | savings and
loan or building and loan association unless a | 10 | | commitment by the savings
and loan (or building and loan) | 11 | | association, executed by the president
or chief executive | 12 | | officer of that association, is submitted in the
following | 13 | | form:
| 14 | | The .................. Savings and Loan (or Building | 15 | | and Loan)
Association pledges not to reject arbitrarily | 16 | | mortgage loans for
residential properties within any | 17 | | specific part of the community served
by the savings and | 18 | | loan (or building and loan) association because of
the | 19 | | location of the property. The savings and loan (or | 20 | | building and
loan) association also pledges to make loans | 21 | | available on low and
moderate income residential property | 22 | | throughout the community within
the limits of its legal | 23 | | restrictions and prudent financial practices.
| 24 | | The State Treasurer may , with the approval of the | 25 | | Governor, invest or
reinvest any State money in the State | 26 | | Treasury treasury
that is not needed for current expenditures |
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| 1 | | due or about to become
due, or any money in the State Treasury | 2 | | that has been set aside and
held for the payment of the | 3 | | principal of and interest on any State
bonds, in bonds issued | 4 | | by counties or municipal corporations of the
State of | 5 | | Illinois.
| 6 | | The State Treasurer may invest or reinvest up to 5% of the | 7 | | College Savings Pool Administrative Trust Fund, the Illinois | 8 | | Public Treasurer Investment Pool (IPTIP) Administrative Trust | 9 | | Fund, and the State Treasurer's Administrative Fund that is | 10 | | not needed for current expenditures due or about to become | 11 | | due, in common or preferred stocks of publicly traded | 12 | | corporations, partnerships, or limited liability companies, | 13 | | organized in the United States, with assets exceeding | 14 | | $500,000,000 if: (i) the purchases do not exceed 1% of the | 15 | | corporation's or the limited liability company's outstanding | 16 | | common and preferred stock; (ii) no more than 10% of the total | 17 | | funds are invested in any one publicly traded corporation, | 18 | | partnership, or limited liability company; and (iii) the | 19 | | corporation or the limited liability company has not been | 20 | | placed on the list of restricted companies by the Illinois | 21 | | Investment Policy Board under Section 1-110.16 of the Illinois | 22 | | Pension Code. | 23 | | The State Treasurer may, with the approval of the | 24 | | Governor, invest or
reinvest any State money in the Treasury | 25 | | which is not needed for current
expenditure, due or about to | 26 | | become due, or any money in the State Treasury
which has been |
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| 1 | | set aside and held for the payment of the principal of and
the | 2 | | interest on any State bonds, in participations in loans, the | 3 | | principal
of which participation is fully guaranteed by an | 4 | | agency or instrumentality
of the United States government; | 5 | | provided, however, that such loan
participations are | 6 | | represented by certificates issued only by banks which
are | 7 | | incorporated under the laws of this State or any other state
or | 8 | | under the laws of the United States, and such banks, but not
| 9 | | the loan participation certificates, are insured by the | 10 | | Federal Deposit
Insurance Corporation.
| 11 | | Whenever the total amount of vouchers presented to the | 12 | | Comptroller under Section 9 of the State Comptroller Act | 13 | | exceeds the funds available in the General Revenue Fund by | 14 | | $1,000,000,000 or more, then the State Treasurer may invest | 15 | | any State money in the State Treasury, other than money in the | 16 | | General Revenue Fund, Health Insurance Reserve Fund, Attorney | 17 | | General Court Ordered and Voluntary Compliance Payment | 18 | | Projects Fund, Attorney General Whistleblower Reward and | 19 | | Protection Fund, and Attorney General's State Projects and | 20 | | Court Ordered Distribution Fund, which is not needed for | 21 | | current expenditures, due or about to become due, or any money | 22 | | in the State Treasury which has been set aside and held for the | 23 | | payment of the principal of and the interest on any State bonds | 24 | | with the Office of the Comptroller in order to enable the | 25 | | Comptroller to pay outstanding vouchers. At any time, and from | 26 | | time to time outstanding, such investment shall not be greater |
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| 1 | | than $2,000,000,000. Such investment shall be deposited into | 2 | | the General Revenue Fund or Health Insurance Reserve Fund as | 3 | | determined by the Comptroller. Such investment shall be repaid | 4 | | by the Comptroller with an interest rate tied to the London | 5 | | Interbank Offered Rate (LIBOR) or the Federal Funds Rate or an | 6 | | equivalent market established variable rate, but in no case | 7 | | shall such interest rate exceed the lesser of the penalty rate | 8 | | established under the State Prompt Payment Act or the timely | 9 | | pay interest rate under Section 368a of the Illinois Insurance | 10 | | Code. The State Treasurer and the Comptroller shall enter into | 11 | | an intergovernmental agreement to establish procedures for | 12 | | such investments, which market established variable rate to | 13 | | which the interest rate for the investments should be tied, | 14 | | and other terms which the State Treasurer and Comptroller | 15 | | reasonably believe to be mutually beneficial concerning these | 16 | | investments by the State Treasurer. The State Treasurer and | 17 | | Comptroller shall also enter into a written agreement for each | 18 | | such investment that specifies the period of the investment, | 19 | | the payment interval, the interest rate to be paid, the funds | 20 | | in the State Treasury from which the State Treasurer will draw | 21 | | the investment, and other terms upon which the State Treasurer | 22 | | and Comptroller mutually agree. Such investment agreements | 23 | | shall be public records and the State Treasurer shall post the | 24 | | terms of all such investment agreements on the State | 25 | | Treasurer's official website. In compliance with the | 26 | | intergovernmental agreement, the Comptroller shall order and |
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| 1 | | the State Treasurer shall transfer amounts sufficient for the | 2 | | payment of principal and interest invested by the State | 3 | | Treasurer with the Office of the Comptroller under this | 4 | | paragraph from the General Revenue Fund or the Health | 5 | | Insurance Reserve Fund to the respective funds in the State | 6 | | Treasury from which the State Treasurer drew the investment. | 7 | | Public Act 100-1107 shall constitute an irrevocable and | 8 | | continuing authority for all amounts necessary for the payment | 9 | | of principal and interest on the investments made with the | 10 | | Office of the Comptroller by the State Treasurer under this | 11 | | paragraph, and the irrevocable and continuing authority for | 12 | | and direction to the Comptroller and State Treasurer to make | 13 | | the necessary transfers. | 14 | | The State Treasurer may , with the approval of the | 15 | | Governor, invest or
reinvest any State money in the State | 16 | | Treasury that is not needed for current
expenditure, due or | 17 | | about to become due, or any money in the State Treasury
that | 18 | | has been set aside and held for the payment of the principal of | 19 | | and
the interest on any State bonds, in any of the following:
| 20 | | (1) Bonds, notes, certificates of indebtedness, | 21 | | Treasury bills, or other
securities now or hereafter | 22 | | issued that are guaranteed by the full faith
and credit of | 23 | | the United States of America as to principal and interest.
| 24 | | (2) Bonds, notes, debentures, or other similar | 25 | | obligations of the United
States of America, its agencies, | 26 | | and instrumentalities , or other obligations that are |
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| 1 | | issued or guaranteed by supranational entities; provided, | 2 | | that at the time of investment, the entity has the United | 3 | | States government as a shareholder .
| 4 | | (2.5) Bonds, notes, debentures, or other similar | 5 | | obligations of a
foreign government, other than the | 6 | | Republic of the Sudan, that are guaranteed by the full | 7 | | faith and credit of that
government as to principal and | 8 | | interest, but only if the foreign government
has not | 9 | | defaulted and has met its payment obligations in a timely | 10 | | manner on
all similar obligations for a period of at least | 11 | | 25 years immediately before
the time of acquiring those | 12 | | obligations.
| 13 | | (3) Interest-bearing savings accounts, | 14 | | interest-bearing certificates of
deposit, | 15 | | interest-bearing time deposits, or any other investments
| 16 | | constituting direct obligations of any bank as defined by | 17 | | the Illinois
Banking Act.
| 18 | | (4) Interest-bearing accounts, certificates of | 19 | | deposit, or any other
investments constituting direct | 20 | | obligations of any savings and loan
associations | 21 | | incorporated under the laws of this State or any other | 22 | | state or
under the laws of the United States.
| 23 | | (5) Dividend-bearing share accounts, share certificate | 24 | | accounts, or
class of share accounts of a credit union | 25 | | chartered under the laws of this
State or the laws of the | 26 | | United States; provided, however, the principal
office of |
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| 1 | | the credit union must be located within the State of | 2 | | Illinois.
| 3 | | (6) Bankers' acceptances of banks whose senior | 4 | | obligations are rated in
the top 2 rating categories by 2 | 5 | | national rating agencies and maintain that
rating during | 6 | | the term of the investment and the bank has not been placed | 7 | | on the list of restricted companies by the Illinois | 8 | | Investment Policy Board under Section 1-110.16 of the | 9 | | Illinois Pension Code .
| 10 | | (7) Short-term obligations of either corporations or | 11 | | limited liability companies organized in the United
States | 12 | | with assets exceeding $500,000,000 if (i) the obligations | 13 | | are rated
at the time of purchase at one of the 3 highest | 14 | | classifications established
by at least 2 standard rating | 15 | | services and mature not later than 270
days from the date | 16 | | of purchase, (ii) the purchases do not exceed 10% of
the | 17 | | corporation's or the limited liability company's | 18 | | outstanding obligations, (iii) no more than one-third of
| 19 | | the public agency's funds are invested in short-term | 20 | | obligations of
either corporations or limited liability | 21 | | companies, and (iv) the corporation or the limited | 22 | | liability company has not been placed on the list of | 23 | | restricted companies by the Illinois Investment Policy | 24 | | Board under Section 1-110.16 of the Illinois Pension Code.
| 25 | | (7.5) Obligations of either corporations or limited | 26 | | liability companies organized in the United States, that |
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| 1 | | have a significant presence in this State, with assets | 2 | | exceeding $500,000,000 if: (i) the obligations are rated | 3 | | at the time of purchase at one of the 3 highest | 4 | | classifications established by at least 2 standard rating | 5 | | services and mature more than 270 days, but less than 10 | 6 | | years, from the date of purchase; (ii) the purchases do | 7 | | not exceed 10% of the corporation's or the limited | 8 | | liability company's outstanding obligations; (iii) no more | 9 | | than one-third of the public agency's funds are invested | 10 | | in such obligations of corporations or limited liability | 11 | | companies; and (iv) the corporation or the limited | 12 | | liability company has not been placed on the list of | 13 | | restricted companies by the Illinois Investment Policy | 14 | | Board under Section 1-110.16 of the Illinois Pension Code. | 15 | | (8) Money market mutual funds registered under the | 16 | | Investment Company
Act of 1940.
| 17 | | (9) The Public Treasurers' Investment Pool created | 18 | | under Section 17 of
the State Treasurer Act or in a fund | 19 | | managed, operated, and administered by
a bank.
| 20 | | (10) Repurchase agreements of government securities | 21 | | having the meaning
set out in the Government Securities | 22 | | Act of 1986, as now or hereafter amended or succeeded, | 23 | | subject to the provisions
of that Act and the regulations | 24 | | issued thereunder.
| 25 | | (11) Investments made in accordance with the | 26 | | Technology Development
Act.
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| 1 | | (12) Investments made in accordance with the Student | 2 | | Investment Account Act. | 3 | | (13) Investments made in accordance with any other law | 4 | | that authorizes the State Treasurer to invest or deposit | 5 | | funds. | 6 | | For purposes of this Section, "agencies" of the United | 7 | | States
Government includes:
| 8 | | (i) the federal land banks, federal intermediate | 9 | | credit banks, banks for
cooperatives, federal farm credit | 10 | | banks, or any other entity authorized
to issue debt | 11 | | obligations under the Farm Credit Act of 1971 (12 U.S.C. | 12 | | 2001
et seq.) and Acts amendatory thereto;
| 13 | | (ii) the federal home loan banks and the federal home | 14 | | loan
mortgage corporation;
| 15 | | (iii) the Commodity Credit Corporation; and
| 16 | | (iv) any other agency created by Act of Congress.
| 17 | | The State Treasurer may , with the approval of the | 18 | | Governor, lend any securities
acquired under this Act. | 19 | | However, securities may be lent under this Section
only in | 20 | | accordance with Federal Financial Institution Examination | 21 | | Council
guidelines and only if the securities are | 22 | | collateralized at a level sufficient
to assure the safety of | 23 | | the securities, taking into account market value
fluctuation. | 24 | | The securities may be collateralized by cash or collateral
| 25 | | acceptable under Sections 11 and 11.1.
| 26 | | (Source: P.A. 100-1107, eff. 8-27-18; 101-81, eff. 7-12-19; |
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| 1 | | 101-206, eff. 8-2-19; 101-586, eff. 8-26-19; revised 9-25-19.)
| 2 | | (15 ILCS 520/22.8)
| 3 | | Sec. 22.8.
The State Treasurer shall develop, publish, and | 4 | | implement an
investment policy covering the management of all | 5 | | State funds under his or her
control. The investment policy | 6 | | shall be published each year in the State Treasurers'
annual | 7 | | report as prescribed in Section 15 of the State Treasurer Act | 8 | | (15 ILCS
505/15). The policy shall also be published at least | 9 | | once each year in at
least one newspaper of general | 10 | | circulation in both Springfield and Chicago and published on | 11 | | the State Treasurer's official website .
Any such investment | 12 | | policy adopted by the State Treasurer shall be reviewed, and
| 13 | | updated if necessary, within 90 days following the | 14 | | installation of a new State
Treasurer.
| 15 | | The investment policy shall include material, relevant, | 16 | | and decision-useful sustainability factors to be considered by | 17 | | the State Treasurer in evaluating investment decisions, | 18 | | including, but not limited to: (1) corporate governance and | 19 | | leadership factors; (2) environmental factors; (3) social | 20 | | capital factors; (4) human capital factors; and (5) business | 21 | | model and innovation factors, as provided under the Illinois | 22 | | Sustainable Investing. | 23 | | (Source: P.A. 101-473, eff. 1-1-20 .)
| 24 | | (15 ILCS 520/23) (from Ch. 130, par. 42)
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| 1 | | Sec. 23.
Any State official or other person who willfully | 2 | | wilfully violates any
provision of this Act, for which a | 3 | | penalty is not otherwise prescribed, or
who willfully wilfully | 4 | | neglects or refuses to perform any duty imposed upon such
| 5 | | person by the terms of this Act, shall be guilty of a Class 4 | 6 | | felony.
| 7 | | (Source: P.A. 77-2830.)
| 8 | | (15 ILCS 520/1.2 rep.)
| 9 | | (15 ILCS 520/3 rep.)
| 10 | | (15 ILCS 520/4 rep.)
| 11 | | (15 ILCS 520/5 rep.)
| 12 | | (15 ILCS 520/6 rep.)
| 13 | | (15 ILCS 520/13 rep.)
| 14 | | (15 ILCS 520/16 rep.)
| 15 | | Section 15. The Deposit of State Moneys Act is amended by | 16 | | repealing Sections 1.2, 3, 4, 5, 6, 13, and 16. | 17 | | Section 20. The Public Funds Deposit Act is amended by | 18 | | changing Sections 1 and 2 as follows:
| 19 | | (30 ILCS 225/1) (from Ch. 102, par. 34)
| 20 | | Sec. 1. Deposits. Any treasurer or other custodian of | 21 | | public funds may
deposit
such funds in a savings and loan | 22 | | association, savings bank, or State or
national bank
in this | 23 | | State, or deposit those funds into demand deposit accounts in |
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| 1 | | accordance with Section 6.5 of the Public Funds Investment | 2 | | Act. When such deposits become collected funds and are not | 3 | | needed
for immediate disbursement, they shall be invested | 4 | | within 2 working days
at prevailing rates or better. The | 5 | | treasurer or other custodian of public
funds may require
such | 6 | | bank, savings bank, or savings and loan association to deposit | 7 | | with
him or her securities
guaranteed by agencies and | 8 | | instrumentalities of the federal government
equal in market | 9 | | value to the
amount by which the funds deposited exceed the | 10 | | federally insured amount.
Any treasurer or other custodian of | 11 | | public funds may accept as
security for public funds deposited | 12 | | in such bank, savings bank, or
savings and loan association | 13 | | any securities or other eligible
collateral authorized by | 14 | | Sections 11 and 11.1 of the Deposit of State
Moneys Act (15 | 15 | | ILCS 520/11 and 11.1) or Section 6 of the Public Funds
| 16 | | Investment Act (30 ILCS 235/6) .
Such treasurer or other | 17 | | custodian is
authorized to enter into an agreement with any | 18 | | such bank, savings bank,
or savings
and
loan association, with | 19 | | any federally insured financial institution or trust
company, | 20 | | or with any agency of the U.S. government relating to the
| 21 | | deposit of such securities.
Any such treasurer or other | 22 | | custodian shall
be discharged from responsibility for any | 23 | | funds for which securities are
so deposited with him or her, | 24 | | and the funds for which securities are so
deposited shall not | 25 | | be subject to any otherwise applicable limitation as
to | 26 | | amount.
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| 1 | | No bank, savings bank, or savings and loan association | 2 | | shall receive
public funds as
permitted by this Section, | 3 | | unless it has complied with the requirements
established | 4 | | pursuant to Section 6 of the Public Funds Investment Act or is | 5 | | otherwise exempt from compliance as authorized by Section 6.5 | 6 | | of that Act.
| 7 | | (Source: P.A. 98-703, eff. 7-7-14.)
| 8 | | (30 ILCS 225/2) (from Ch. 102, par. 35)
| 9 | | Sec. 2.
Nothing in this Act shall be construed to preclude | 10 | | the deposit of
public funds in accordance with any other Act | 11 | | applicable thereto or to
subject any treasurer or other | 12 | | custodian to any liability to which he would
not be subject in | 13 | | the absence of this Act. This Act does not apply to the | 14 | | Illinois State Treasurer. Deposit of State money by the | 15 | | Illinois State Treasurer shall be governed by the Deposit of | 16 | | State Moneys Act.
| 17 | | (Source: Laws 1963, p. 1797.)
| 18 | | Section 25. The Public Funds Investment Act is amended by | 19 | | changing Section 1 as follows:
| 20 | | (30 ILCS 235/1) (from Ch. 85, par. 901)
| 21 | | Sec. 1.
The words "public funds", as used in this Act, mean | 22 | | current
operating funds, special funds, interest and sinking | 23 | | funds, and funds of
any kind or character belonging to or in |
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| 1 | | the custody of any public agency.
| 2 | | The words "public agency", as used in this Act, mean the | 3 | | State of
Illinois, the various counties, townships, cities, | 4 | | towns, villages, school
districts, educational service | 5 | | regions, special road districts, public
water supply | 6 | | districts, fire protection districts, drainage districts, | 7 | | levee
districts, sewer districts, housing authorities, the | 8 | | Illinois Bank Examiners'
Education Foundation, the Chicago | 9 | | Park District, and all other political
corporations or | 10 | | subdivisions of the State of Illinois, now or hereafter
| 11 | | created, whether herein specifically mentioned or not.
This | 12 | | Act does not apply to the Illinois Prepaid Tuition Trust Fund,
| 13 | | private funds collected by the Illinois Conservation | 14 | | Foundation, or
pension
funds or retirement systems established
| 15 | | under the Illinois Pension Code, except as otherwise provided | 16 | | in that Code. This Act does not apply to the Illinois State | 17 | | Treasurer, whose investment of State funds shall be governed | 18 | | by the Deposit of State Moneys Act.
| 19 | | The words "governmental unit", as used in this Act, have | 20 | | the same meaning as in the Local Government Debt Reform Act. | 21 | | (Source: P.A. 98-297, eff. 1-1-14.)
| 22 | | Section 99. Effective date. This Act takes effect upon | 23 | | becoming law.
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| 1 | |
INDEX
| 2 | |
Statutes amended in order of appearance
| | 3 | | 15 ILCS 505/30 | | | 4 | | 15 ILCS 520/1 | from Ch. 130, par. 20 | | 5 | | 15 ILCS 520/1.1 | from Ch. 130, par. 20.1 | | 6 | | 15 ILCS 520/2 | from Ch. 130, par. 21 | | 7 | | 15 ILCS 520/7 | from Ch. 130, par. 26 | | 8 | | 15 ILCS 520/8 | from Ch. 130, par. 27 | | 9 | | 15 ILCS 520/9 | from Ch. 130, par. 28 | | 10 | | 15 ILCS 520/10 | from Ch. 130, par. 29 | | 11 | | 15 ILCS 520/11 | from Ch. 130, par. 30 | | 12 | | 15 ILCS 520/12 | from Ch. 130, par. 31 | | 13 | | 15 ILCS 520/14 | from Ch. 130, par. 33 | | 14 | | 15 ILCS 520/15 | from Ch. 130, par. 34 | | 15 | | 15 ILCS 520/17 | from Ch. 130, par. 36 | | 16 | | 15 ILCS 520/18 | from Ch. 130, par. 37 | | 17 | | 15 ILCS 520/19 | from Ch. 130, par. 38 | | 18 | | 15 ILCS 520/20 | from Ch. 130, par. 39 | | 19 | | 15 ILCS 520/22 | from Ch. 130, par. 41 | | 20 | | 15 ILCS 520/22.5 | from Ch. 130, par. 41a | | 21 | | 15 ILCS 520/22.8 | | | 22 | | 15 ILCS 520/23 | from Ch. 130, par. 42 | | 23 | | 15 ILCS 520/1.2 rep. | | | 24 | | 15 ILCS 520/3 rep. | | | 25 | | 15 ILCS 520/4 rep. | | |
| | | SB0653 Enrolled | - 38 - | LRB102 13364 RJF 18708 b |
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| 1 | | 15 ILCS 520/5 rep. | | | 2 | | 15 ILCS 520/6 rep. | | | 3 | | 15 ILCS 520/11.1 rep. | | | 4 | | 15 ILCS 520/13 rep. | | | 5 | | 15 ILCS 520/16 rep. | | | 6 | | 30 ILCS 225/1 | from Ch. 102, par. 34 | | 7 | | 30 ILCS 225/2 | from Ch. 102, par. 35 | | 8 | | 30 ILCS 235/1 | from Ch. 85, par. 901 |
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