Bill Title: Amends the Public Funds Investment Act. Provides that municipalities may invest up to $250,000 in public funds in not-for-profit community development financial institutions. Requires the financial institutions to have at least $5,000,000 in net assets and to have earned at least an "A" rating by an investment rating organization. Provides that the investments made shall be made for a term and at a rate acceptable to the municipality and the municipality may set benchmarks in order to continue investing in the not-for-profit community development financial institution.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2016-07-29 - Public Act . . . . . . . . . 99-0676 [HB5884 Detail]

Text: Latest bill text (Chaptered) [HTML]

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