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90_HB3233ham001
LRB9010785KDsbam02
1 AMENDMENT TO HOUSE BILL 3233
2 AMENDMENT NO. . Amend House Bill 3233 by replacing
3 everything after the enacting clause with the following:
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
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1 by the depositories and by the receipt of all interest and
2 other earnings of the Fund from any source.
3 (c) All property in the Fund, the interest or income
4 derived from it or through its use, and all property
5 otherwise held by the Board under this Act is exempt from all
6 taxes imposed by the State or any political subdivision.".