Bill Text: IL HB1678 | 2015-2016 | 99th 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: (Introduced - Dead) 2015-04-24 - Rule 19(a) / Re-referred to Rules Committee [HB1678 Detail]
Download: Illinois-2015-HB1678-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, or deposit those funds into demand deposit accounts in | |||||||||||||||||||
| 11 | accordance with Section 6.5 of the Public Funds Investment Act. | |||||||||||||||||||
| 12 | When such deposits become collected funds and are not needed
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| 13 | for immediate disbursement, they shall be invested within 2 | |||||||||||||||||||
| 14 | working days
at prevailing rates or better. The treasurer or | |||||||||||||||||||
| 15 | other custodian of public
funds may require
such bank, savings | |||||||||||||||||||
| 16 | bank, or savings and loan association to deposit with
him or | |||||||||||||||||||
| 17 | her securities
guaranteed by agencies and instrumentalities of | |||||||||||||||||||
| 18 | the federal government
equal in market value to the
amount by | |||||||||||||||||||
| 19 | which the funds deposited exceed the federally insured amount.
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| 20 | Any treasurer or other custodian of public funds may accept as
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| 21 | security for public funds deposited in such bank, savings bank, | |||||||||||||||||||
| 22 | or
savings and loan association any securities or other | |||||||||||||||||||
| 23 | eligible
collateral authorized by Sections 11 and 11.1 of the | |||||||||||||||||||
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| 1 | Deposit of State
Moneys Act (15 ILCS 520/11 and 11.1) or | ||||||
| 2 | Section 6 of the Public Funds
Investment Act (30 ILCS 235/6).
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| 3 | Such treasurer or other custodian is
authorized to enter into | ||||||
| 4 | an agreement with any such bank, savings bank,
or savings
and
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| 5 | loan association, with any federally insured financial | ||||||
| 6 | institution or trust
company, or with any agency of the U.S. | ||||||
| 7 | government relating to the
deposit of such securities.
Any such | ||||||
| 8 | treasurer or other custodian shall
be discharged from | ||||||
| 9 | responsibility for any funds for which securities are
so | ||||||
| 10 | deposited with him or her, and the funds for which securities | ||||||
| 11 | are so
deposited shall not be subject to any otherwise | ||||||
| 12 | applicable limitation as
to amount.
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| 13 | No bank, savings bank, or savings and loan association | ||||||
| 14 | shall receive
public funds as
permitted by this Section, unless | ||||||
| 15 | it has complied with the requirements
established pursuant to | ||||||
| 16 | Section 6 of the Public Funds Investment Act or is otherwise | ||||||
| 17 | exempt from compliance as authorized by Section 6.5 of that | ||||||
| 18 | Act.
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| 19 | (Source: P.A. 98-703, eff. 7-7-14.)
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