Bill Text: IL HB1065 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Amends the Public Funds Deposit Act. Makes a technical change in a Section concerning deposits.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB1065 Detail]
Download: Illinois-2011-HB1065-Introduced.html
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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Public Funds Deposit Act is amended by | |||||||||||||||||||
| 5 | changing Section 1 as follows:
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| 6 | (30 ILCS 225/1) (from Ch. 102, par. 34)
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| 7 | Sec. 1. Deposits. Any treasurer or other custodian of | |||||||||||||||||||
| 8 | public funds may
deposit
such funds in a savings and
and loan | |||||||||||||||||||
| 9 | association, savings bank, or State or
national bank
in this | |||||||||||||||||||
| 10 | State. When such deposits become collected funds and are not | |||||||||||||||||||
| 11 | needed
for immediate disbursement, they shall be invested | |||||||||||||||||||
| 12 | within 2 working days
at prevailing rates or better. The | |||||||||||||||||||
| 13 | treasurer or other custodian of public
funds may require
such | |||||||||||||||||||
| 14 | bank, savings bank, or savings and loan association to deposit | |||||||||||||||||||
| 15 | with
him or her securities
guaranteed by agencies and | |||||||||||||||||||
| 16 | instrumentalities of the federal government
equal in market | |||||||||||||||||||
| 17 | value to the
amount by which the funds deposited exceed the | |||||||||||||||||||
| 18 | federally insured amount.
Any treasurer or other custodian of | |||||||||||||||||||
| 19 | public funds may accept as
security for public funds deposited | |||||||||||||||||||
| 20 | in such bank, savings bank, or
savings and loan association any | |||||||||||||||||||
| 21 | securities or other eligible
collateral authorized by Sections | |||||||||||||||||||
| 22 | 11 and 11.1 of the Deposit of State
Moneys Act (15 ILCS 520/11 | |||||||||||||||||||
| 23 | and 11.1) or Section 6 of the Public Funds
Investment Act (30 | |||||||||||||||||||
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| 1 | ILCS 235/6).
Such treasurer or other custodian is
authorized to | ||||||
| 2 | enter into an agreement with any such bank, savings bank,
or | ||||||
| 3 | savings
and
loan association, with any federally insured | ||||||
| 4 | financial institution or trust
company, or with any agency of | ||||||
| 5 | the U.S. government relating to the
deposit of such securities.
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| 6 | Any such treasurer or other custodian shall
be discharged from | ||||||
| 7 | responsibility for any funds for which securities are
so | ||||||
| 8 | deposited with him or her, and the funds for which securities | ||||||
| 9 | are so
deposited shall not be subject to any otherwise | ||||||
| 10 | applicable limitation as
to amount. | ||||||
| 11 | No bank, savings bank, or savings and loan association | ||||||
| 12 | shall receive
public funds as
permitted by this Section, unless | ||||||
| 13 | it has complied with the requirements
established pursuant to | ||||||
| 14 | Section 6 of the Public Funds Investment Act.
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| 15 | (Source: P.A. 93-561, eff. 1-1-04.)
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