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90_HB3233eng
New Act
Creates the Public Deposits Insurance Act. Creates the
Board for Depositories to insure the safekeeping and prompt
payment of all public funds deposited in any depository to
the extent they are not covered by insurance of any federal
deposit insurance agency, by maintaining and operating in its
own name the Public Deposits Insurance Fund, which is created
outside of the State treasury. Provides the powers, duties,
and membership of the Board. Provides for deposits into the
Fund by each depository in which public funds are held.
Provides for payments out of the Fund when a depository
closes.
LRB9010785KDdv
HB3233 Engrossed LRB9010785KDdv
1 AN ACT to create the Public Deposits Insurance Act.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Public Deposits Insurance Act.
6 Section 5. Creation of Board.
7 (a) There is created an independent body, politic and
8 corporate, constituting an instrumentality of the State for
9 the public purposes set out in this Act, to be known as the
10 Board for Depositories (the Board). The Board is separate
11 from the State in its corporate and sovereign capacity. The
12 purpose of the Board is to insure the safekeeping and prompt
13 payment of public funds deposited into any depository, to the
14 extent they are not covered by insurance of any federal
15 deposit insurance agency, by maintaining and operating in its
16 own name the Public Deposits Insurance Fund (the Fund), which
17 is created outside of the State treasury.
18 (b) Every depository that accepts public funds that are
19 secured by the Fund shall pay into the Fund the assessments
20 provided in this Act and comply with all lawful requirements
21 of the Board for Depositories.
22 The Fund shall be maintained by the assessments payable
23 by the depositories and by the receipt of all interest and
24 other earnings of the Fund from any source.
25 (c) All property in the Fund, the interest or income
26 derived from it or through its use, and all property
27 otherwise held by the Board under this Act is exempt from all
28 taxes imposed by the State or any political subdivision.