Bill Text: IL HB2101 | 2011-2012 | 97th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Counties Code. Changes numerous Sections to provide that a county may deposit public funds into credit unions (currently, only banks or savings and loan associations). Further provides that county moneys may be invested in dividend-bearing share accounts, share certificate accounts, or class of share accounts of a credit union, provided the accounts of that credit union are insured and the credit union's principal office is located within the State of Illinois. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: (Passed) 2011-07-14 - Public Act . . . . . . . . . 97-0129 [HB2101 Detail]
Download: Illinois-2011-HB2101-Enrolled.html
Bill Title: Amends the Counties Code. Changes numerous Sections to provide that a county may deposit public funds into credit unions (currently, only banks or savings and loan associations). Further provides that county moneys may be invested in dividend-bearing share accounts, share certificate accounts, or class of share accounts of a credit union, provided the accounts of that credit union are insured and the credit union's principal office is located within the State of Illinois. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: (Passed) 2011-07-14 - Public Act . . . . . . . . . 97-0129 [HB2101 Detail]
Download: Illinois-2011-HB2101-Enrolled.html
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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Public Funds Investment Act is amended by | ||||||
5 | changing Section 2 as follows:
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6 | (30 ILCS 235/2) (from Ch. 85, par. 902)
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7 | Sec. 2. Authorized investments.
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8 | (a) Any public agency may invest any public funds as | ||||||
9 | follows:
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10 | (1) in bonds, notes, certificates of indebtedness, | ||||||
11 | treasury bills or
other securities now or hereafter issued, | ||||||
12 | which are guaranteed by the full
faith and credit of the | ||||||
13 | United States of America as to principal and interest;
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14 | (2) in bonds, notes, debentures, or other similar | ||||||
15 | obligations of the
United States of America, its agencies, | ||||||
16 | and its instrumentalities;
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17 | (3) in interest-bearing savings accounts, | ||||||
18 | interest-bearing
certificates of deposit or | ||||||
19 | interest-bearing time deposits or any other
investments | ||||||
20 | constituting direct obligations of any bank as defined by | ||||||
21 | the
Illinois Banking Act;
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22 | (4) in short term obligations of corporations
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23 | organized in the United States with assets exceeding |
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1 | $500,000,000 if (i)
such obligations are rated at the time | ||||||
2 | of purchase at one of the 3 highest
classifications | ||||||
3 | established by at least 2 standard rating services and
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4 | which mature not later than 270 days from the date of | ||||||
5 | purchase, (ii)
such purchases do not exceed 10% of the | ||||||
6 | corporation's outstanding
obligations and (iii) no more | ||||||
7 | than one-third of the public agency's funds
may be invested | ||||||
8 | in short term obligations of corporations; or
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9 | (5) in money market mutual funds registered under the | ||||||
10 | Investment
Company Act of 1940, provided that the portfolio | ||||||
11 | of any such money market
mutual fund is limited to | ||||||
12 | obligations described in paragraph (1) or (2) of this
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13 | subsection and to agreements to repurchase such | ||||||
14 | obligations.
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15 | (a-1) In addition to any other investments authorized under | ||||||
16 | this Act, a
municipality or a county may invest its public | ||||||
17 | funds in interest bearing bonds of any
county, township, city, | ||||||
18 | village, incorporated town, municipal corporation, or
school | ||||||
19 | district, of the State of Illinois, of any other state, or of
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20 | any political subdivision or
agency of the State of Illinois or | ||||||
21 | of any other state, whether the interest
earned thereon is | ||||||
22 | taxable or tax-exempt under federal law. The bonds shall
be | ||||||
23 | registered in the name of the municipality
or county or held | ||||||
24 | under a custodial agreement at a bank. The bonds shall be rated | ||||||
25 | at the
time of purchase within the 4 highest general | ||||||
26 | classifications established by a
rating service of nationally |
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1 | recognized expertise in rating bonds of states and
their | ||||||
2 | political subdivisions.
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3 | (b) Investments may be made only in banks which are insured | ||||||
4 | by the
Federal Deposit Insurance Corporation. Any public agency | ||||||
5 | may invest any
public funds in short term discount obligations | ||||||
6 | of the Federal National
Mortgage Association or in shares or | ||||||
7 | other forms of securities legally
issuable by savings banks or | ||||||
8 | savings and loan associations incorporated under
the laws of | ||||||
9 | this State or any other state or under the laws of the United
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10 | States. Investments may be made only in those savings banks or | ||||||
11 | savings and
loan associations the shares, or investment | ||||||
12 | certificates of which are insured
by the Federal Deposit | ||||||
13 | Insurance Corporation. Any such securities may be
purchased at | ||||||
14 | the offering or market price thereof at the time of such
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15 | purchase. All such securities so purchased shall mature or be | ||||||
16 | redeemable on
a date or dates prior to the time when, in the | ||||||
17 | judgment of
such governing authority, the public funds so | ||||||
18 | invested will be required
for expenditure by such public agency | ||||||
19 | or its governing authority. The
expressed judgment of any such | ||||||
20 | governing authority as to the time when
any public funds will | ||||||
21 | be required for expenditure or be redeemable is
final and | ||||||
22 | conclusive. Any public agency may invest any public funds in
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23 | dividend-bearing share accounts, share certificate accounts or | ||||||
24 | class of
share accounts of a credit union chartered under the | ||||||
25 | laws of this State
or the laws of the United States; provided, | ||||||
26 | however, the principal office
of any such credit union must be |
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1 | located within the State of Illinois.
Investments may be made | ||||||
2 | only in those credit unions the accounts of which
are insured | ||||||
3 | by applicable law.
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4 | (c) For purposes of this Section, the term "agencies of the | ||||||
5 | United States
of America" includes: (i) the federal land banks, | ||||||
6 | federal intermediate
credit banks, banks for cooperative, | ||||||
7 | federal farm credit banks, or any other
entity authorized to | ||||||
8 | issue debt obligations under the Farm Credit Act of
1971 (12 | ||||||
9 | U.S.C. 2001 et seq.) and Acts amendatory thereto; (ii) the | ||||||
10 | federal
home loan banks and the federal home loan mortgage | ||||||
11 | corporation; and (iii)
any other agency created by Act of | ||||||
12 | Congress.
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13 | (d) Except for pecuniary interests permitted under | ||||||
14 | subsection (f) of
Section 3-14-4 of the Illinois Municipal Code | ||||||
15 | or under Section 3.2 of
the Public Officer Prohibited Practices | ||||||
16 | Act, no person acting as treasurer
or financial officer or who | ||||||
17 | is employed in any similar capacity by or for a
public agency | ||||||
18 | may do any of the following:
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19 | (1) have any interest, directly or indirectly, in any | ||||||
20 | investments in
which the agency is authorized to invest.
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21 | (2) have any interest, directly or indirectly, in the | ||||||
22 | sellers,
sponsors, or managers of those investments.
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23 | (3) receive, in any manner, compensation of any kind | ||||||
24 | from any
investments in which the agency is authorized to | ||||||
25 | invest.
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26 | (e) Any public agency may also invest any public funds in a |
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1 | Public
Treasurers' Investment Pool created under Section 17 of | ||||||
2 | the State Treasurer
Act. Any public agency may also invest any | ||||||
3 | public funds in a fund managed,
operated, and administered by a | ||||||
4 | bank, subsidiary of a bank, or
subsidiary of a bank holding | ||||||
5 | company or use the services of such an entity to
hold and | ||||||
6 | invest or advise regarding the investment of any public funds.
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7 | (f) To the extent a public agency has custody of funds not | ||||||
8 | owned by it or
another public agency and does not otherwise | ||||||
9 | have authority to invest
such funds, the public agency may | ||||||
10 | invest such funds as if they were its
own. Such funds must be | ||||||
11 | released to the appropriate person at the
earliest reasonable | ||||||
12 | time, but in no case exceeding 31 days, after the
private | ||||||
13 | person becomes entitled to the receipt of them. All earnings
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14 | accruing on any investments or deposits made pursuant to the | ||||||
15 | provisions
of this Act shall be credited to the public agency | ||||||
16 | by or for which such
investments or deposits were made, except | ||||||
17 | as provided otherwise in Section
4.1 of the State Finance Act | ||||||
18 | or the Local Governmental Tax Collection Act,
and except where | ||||||
19 | by specific statutory provisions such earnings are
directed to | ||||||
20 | be credited to and paid to a particular fund.
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21 | (g) A public agency may purchase or invest in repurchase | ||||||
22 | agreements of
government securities having the meaning set out | ||||||
23 | in the Government
Securities Act of 1986, as now or hereafter | ||||||
24 | amended or succeeded, subject to the provisions of said Act and | ||||||
25 | the
regulations issued thereunder. The government securities, | ||||||
26 | unless
registered or inscribed in the name of the public |
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1 | agency, shall be
purchased through banks or trust companies | ||||||
2 | authorized to do business in the
State of Illinois.
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3 | (h) Except for repurchase agreements of government | ||||||
4 | securities which are
subject to the Government Securities Act | ||||||
5 | of 1986, as now or hereafter amended or succeeded, no public | ||||||
6 | agency may
purchase or invest in instruments which constitute | ||||||
7 | repurchase agreements,
and no financial institution may enter | ||||||
8 | into such an agreement with or on
behalf of any public agency | ||||||
9 | unless the instrument and the transaction meet
the following | ||||||
10 | requirements:
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11 | (1) The securities, unless registered or inscribed in | ||||||
12 | the name of the
public agency, are purchased through banks | ||||||
13 | or trust companies authorized to
do business in the State | ||||||
14 | of Illinois.
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15 | (2) An authorized public officer after ascertaining | ||||||
16 | which firm will give
the most favorable rate of interest, | ||||||
17 | directs the custodial bank to
"purchase" specified | ||||||
18 | securities from a designated institution.
The "custodial | ||||||
19 | bank" is the bank or trust company, or agency of
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20 | government, which acts for the public agency in connection | ||||||
21 | with repurchase
agreements involving the investment of | ||||||
22 | funds by the public agency. The
State Treasurer may act as | ||||||
23 | custodial bank for public agencies executing
repurchase | ||||||
24 | agreements. To the extent the Treasurer acts in this | ||||||
25 | capacity,
he is hereby authorized to pass through to such | ||||||
26 | public agencies any charges
assessed by the Federal Reserve |
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1 | Bank.
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2 | (3) A custodial bank must be a member bank of the | ||||||
3 | Federal Reserve System
or maintain accounts with member | ||||||
4 | banks. All transfers of book-entry
securities must be | ||||||
5 | accomplished on a Reserve Bank's computer records
through a | ||||||
6 | member bank of the Federal Reserve System. These securities | ||||||
7 | must
be credited to the public agency on the records of the | ||||||
8 | custodial bank and
the transaction must be confirmed in | ||||||
9 | writing to the public agency by
the custodial bank.
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10 | (4) Trading partners shall be limited to banks or trust | ||||||
11 | companies
authorized to do business in the State of | ||||||
12 | Illinois or to registered primary
reporting dealers.
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13 | (5) The security interest must be perfected.
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14 | (6) The public agency enters into a written master | ||||||
15 | repurchase agreement
which outlines the basic | ||||||
16 | responsibilities and liabilities of both buyer and
seller.
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17 | (7) Agreements shall be for periods of 330 days or | ||||||
18 | less.
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19 | (8) The authorized public officer of the public agency | ||||||
20 | informs the
custodial bank in writing of the maturity | ||||||
21 | details of the repurchase agreement.
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22 | (9) The custodial bank must take delivery of and | ||||||
23 | maintain the
securities in its custody for the account of | ||||||
24 | the public agency and confirm
the transaction in writing to | ||||||
25 | the public agency. The Custodial Undertaking
shall provide | ||||||
26 | that the custodian takes possession of the securities
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1 | exclusively for the public agency; that the securities are | ||||||
2 | free of any
claims against the trading partner; and any | ||||||
3 | claims by the custodian are
subordinate to the public | ||||||
4 | agency's claims to rights to those securities.
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5 | (10) The obligations purchased by a public agency may | ||||||
6 | only be sold or
presented for redemption or payment by the | ||||||
7 | fiscal agent bank or trust
company holding the obligations | ||||||
8 | upon the written instruction of the
public agency or | ||||||
9 | officer authorized to make such investments.
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10 | (11) The custodial bank shall be liable to the public | ||||||
11 | agency for any
monetary loss suffered by the public agency | ||||||
12 | due to the failure of the
custodial bank to take and | ||||||
13 | maintain possession of such securities.
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14 | (i) Notwithstanding the foregoing restrictions on | ||||||
15 | investment in
instruments constituting repurchase agreements | ||||||
16 | the Illinois Housing
Development Authority may invest in, and | ||||||
17 | any financial institution with
capital of at least $250,000,000 | ||||||
18 | may act as custodian for, instruments
that constitute | ||||||
19 | repurchase agreements, provided that the Illinois Housing
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20 | Development Authority, in making each such investment, | ||||||
21 | complies with the
safety and soundness guidelines for engaging | ||||||
22 | in repurchase transactions
applicable to federally insured | ||||||
23 | banks, savings banks, savings and loan
associations or other | ||||||
24 | depository institutions as set forth in the Federal
Financial | ||||||
25 | Institutions Examination Council Policy Statement Regarding
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26 | Repurchase Agreements and any regulations issued, or which may |
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1 | be issued by the
supervisory federal authority pertaining | ||||||
2 | thereto and any amendments thereto;
provided further that the | ||||||
3 | securities shall be either (i) direct general
obligations of, | ||||||
4 | or obligations the payment of the principal of and/or interest
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5 | on which are unconditionally guaranteed by, the United States | ||||||
6 | of America or
(ii) any obligations of any agency, corporation | ||||||
7 | or subsidiary thereof
controlled or supervised by and acting as | ||||||
8 | an instrumentality of the United
States Government pursuant to | ||||||
9 | authority granted by the Congress of the United
States and | ||||||
10 | provided further that the security interest must be perfected | ||||||
11 | by
either the Illinois Housing Development Authority, its | ||||||
12 | custodian or its agent
receiving possession of the securities | ||||||
13 | either physically or transferred through
a nationally | ||||||
14 | recognized book entry system.
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15 | (j) In addition to all other investments authorized
under | ||||||
16 | this Section, a community college district may
invest public | ||||||
17 | funds in any mutual funds that
invest primarily in corporate | ||||||
18 | investment grade or global government short term
bonds.
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19 | Purchases of mutual funds that invest primarily in global | ||||||
20 | government short
term bonds shall be limited to funds with | ||||||
21 | assets of at least $100 million and
that are rated at the time | ||||||
22 | of purchase as one of the 10 highest classifications
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23 | established by a recognized rating service. The investments | ||||||
24 | shall be subject
to approval by the local community college | ||||||
25 | board of trustees. Each community
college board of trustees | ||||||
26 | shall develop a policy regarding the percentage of
the |
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1 | college's investment portfolio that can be invested in such | ||||||
2 | funds.
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3 | Nothing in this Section shall be construed to authorize an
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4 | intergovernmental risk management entity to accept the deposit | ||||||
5 | of public funds
except for risk management purposes.
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6 | (Source: P.A. 96-741, eff. 8-25-09.)
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7 | Section 10. The Counties Code is amended by changing | ||||||
8 | Sections 3-10009, 3-11002, 3-11003, 3-11004, 3-11006, 3-11007, | ||||||
9 | 3-11009, 3-11010, 3-11011, 3-11013, and 3-11018 as follows:
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10 | (55 ILCS 5/3-10009) (from Ch. 34, par. 3-10009)
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11 | Sec. 3-10009. Deposit of public funds. | ||||||
12 | (a) In counties having a
population of less than 150,000 | ||||||
13 | the county board, when requested by the
county treasurer, shall | ||||||
14 | designate one or more banks , or savings and loan
associations , | ||||||
15 | savings banks, or credit unions in which the funds and other | ||||||
16 | public moneys in the custody of
the county treasurer may be | ||||||
17 | kept and when a bank , or savings and loan
association , savings | ||||||
18 | bank, or credit union has been designated as a depository it | ||||||
19 | shall continue as such
until 10 days have elapsed after a new | ||||||
20 | depository is designated and has
qualified by furnishing the | ||||||
21 | statements of resources and liabilities as is
required by this | ||||||
22 | Section. When a new depository is designated, the county
board | ||||||
23 | shall notify the sureties of the county treasurer of that fact, | ||||||
24 | in
writing, at least 5 days before the transfer of funds. The |
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1 | county treasurer
shall be discharged from responsibility for | ||||||
2 | all funds and moneys which he
deposits in a depository so | ||||||
3 | designated while such funds and moneys are
so deposited.
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4 | No bank , or savings and loan association , savings bank, or | ||||||
5 | credit union shall receive public funds as
permitted by this | ||||||
6 | Section, unless it has complied with the requirements
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7 | established pursuant to Section 6 of "An Act relating to | ||||||
8 | certain investments
of public funds by public agencies", | ||||||
9 | approved July 23, 1943, as now or
hereafter amended.
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10 | (b) In addition to any other investments or deposits | ||||||
11 | authorized under this Code, counties are authorized to invest | ||||||
12 | the funds and public moneys in the custody of the County | ||||||
13 | Treasurer in accordance with the Public Funds Investment Act. | ||||||
14 | (Source: P.A. 86-962.)
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15 | (55 ILCS 5/3-11002) (from Ch. 34, par. 3-11002)
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16 | Sec. 3-11002. Designation of depositories. | ||||||
17 | (a) In counties having a
population of more than 150,000 | ||||||
18 | the county board, when requested by the
County Treasurer, shall | ||||||
19 | designate one or more banks , or savings and loan
associations , | ||||||
20 | savings banks, or credit unions in which the funds and other | ||||||
21 | public moneys in the custody of
the County Treasurer may be | ||||||
22 | kept and when a bank , or savings and loan
association , savings | ||||||
23 | bank, or credit union has been designated as a depository it | ||||||
24 | shall continue as such
until 10 days have elapsed after a new | ||||||
25 | depository is designated and has
qualified by furnishing the |
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1 | statements of resources and liabilities as is
required by this | ||||||
2 | Section. When a new depository is designated, the county
board | ||||||
3 | shall notify the sureties of the County Treasurer of that fact, | ||||||
4 | in
writing, at least 5 days before the transfer of funds. The | ||||||
5 | County Treasurer
shall be discharged from responsibility for | ||||||
6 | all funds and moneys which he
deposits in a depository so | ||||||
7 | designated while such funds and moneys are so
deposited.
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8 | No bank , or savings and loan association , savings bank, or | ||||||
9 | credit union shall receive public funds as
permitted by this | ||||||
10 | Section, unless it has complied with the requirements
| ||||||
11 | established pursuant to Section 6 of "An Act relating to | ||||||
12 | certain
investments of public funds by public agencies", | ||||||
13 | approved July 23, 1943, as
now or hereafter amended.
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14 | (b) In addition to any other investments or deposits | ||||||
15 | authorized under this Code, counties are authorized to invest | ||||||
16 | the funds and public moneys in the custody of the County | ||||||
17 | Treasurer in accordance with the Public Funds Investment Act. | ||||||
18 | (Source: P.A. 86-962.)
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19 | (55 ILCS 5/3-11003) (from Ch. 34, par. 3-11003)
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20 | Sec. 3-11003. Classification of funds. For the purpose of
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21 | establishing a control over the withdrawal, in accordance with | ||||||
22 | the
provisions of this Division, of all county moneys deposited | ||||||
23 | in any bank , or
savings and loan association, savings bank, or | ||||||
24 | credit union, as hereinafter required, such moneys are
hereby | ||||||
25 | classified as follows:
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1 | Class A. All taxes and special assessments received by the | ||||||
2 | county
treasurer in his capacity as ex officio county collector | ||||||
3 | or ex officio town
collector, and held by him pending | ||||||
4 | distribution to the several governments
or authorities | ||||||
5 | entitled to receive the same, shall be known as "Class A"
| ||||||
6 | funds.
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7 | Class B. All other moneys belonging to the State of | ||||||
8 | Illinois or to any
political or corporate subdivision thereof, | ||||||
9 | except the county, shall be
known as "Class B" funds.
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10 | Class C. All moneys belonging to the county in its | ||||||
11 | corporate capacity
shall be known as "Class C" funds.
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12 | Class D. All other county moneys as defined in Section | ||||||
13 | 3-11001 shall
be known as "Class D" funds.
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14 | (Source: P.A. 86-962.)
| ||||||
15 | (55 ILCS 5/3-11004) (from Ch. 34, par. 3-11004)
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16 | Sec. 3-11004. Deposits by county treasurer. It shall be the | ||||||
17 | duty of
the county treasurer of such county to deposit daily, | ||||||
18 | in separate accounts
in accordance with the classification set | ||||||
19 | forth in Section 3-11003, to the
credit of the county treasurer | ||||||
20 | of such county, in one or more banks , or
savings and loan | ||||||
21 | associations , savings banks, or credit unions as shall have | ||||||
22 | been selected and designated
under the terms of this Division | ||||||
23 | and as shall have complied with the
requirements thereof, all | ||||||
24 | county moneys as defined in Section 3-11001,
received by him | ||||||
25 | during banking hours, and also all such county moneys as he
may |
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1 | have received on the day previous after banking hours.
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2 | (Source: P.A. 86-962.)
| ||||||
3 | (55 ILCS 5/3-11006) (from Ch. 34, par. 3-11006)
| ||||||
4 | Sec. 3-11006.
Investment of county moneys; release of | ||||||
5 | private
funds in custody of county treasurer. | ||||||
6 | (a) All county moneys shall be invested in
one or more of | ||||||
7 | the following: (1) (a) interest-bearing savings accounts,
| ||||||
8 | interest-bearing certificates of deposit or interest-bearing | ||||||
9 | time deposits
constituting direct obligations of any bank as | ||||||
10 | shall have been selected and
designated under the terms of this | ||||||
11 | Division and as shall have
complied with the requirements | ||||||
12 | thereof; (2) (b) shares or other forms of
securities legally | ||||||
13 | issuable by savings and loan associations incorporated
under | ||||||
14 | the laws of this State or any other state or under the laws of | ||||||
15 | the
United States, provided such shares or securities are | ||||||
16 | insured by the
Federal Savings and Loan Insurance Corporation; | ||||||
17 | (3) (c) bonds, notes,
certificates of indebtedness, treasury | ||||||
18 | bills or other securities now or
hereafter issued, which are | ||||||
19 | guaranteed by the full faith and credit of the
United States of | ||||||
20 | America as to principal and interest; (4) (d) short term
| ||||||
21 | discount obligations of the Federal National Mortgage | ||||||
22 | Association ; and (5) dividend-bearing share accounts, share | ||||||
23 | certificate accounts, or class of share accounts of a credit | ||||||
24 | union chartered under the laws of this State or the laws of the | ||||||
25 | United States, provided the accounts of that credit union are |
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1 | insured by applicable law and the credit union's principal | ||||||
2 | office is located within the State of Illinois . The
expressed | ||||||
3 | judgment of the county treasurer as to the time when any county
| ||||||
4 | moneys will be required for expenditure or be redeemable is | ||||||
5 | final and
conclusive. Privately owned funds held in the custody | ||||||
6 | of a county treasurer
must be released to the appropriate party | ||||||
7 | at the earliest reasonable time,
but in no case exceeding 31 | ||||||
8 | days, after the private party becomes entitled
to the receipt | ||||||
9 | of them.
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10 | (b) In addition to any other investments or deposits | ||||||
11 | authorized under this Code, all counties are authorized to | ||||||
12 | invest county moneys in accordance with the Public Funds | ||||||
13 | Investment Act. | ||||||
14 | (Source: P.A. 86-962.)
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15 | (55 ILCS 5/3-11007) (from Ch. 34, par. 3-11007)
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16 | Sec. 3-11007. Monthly report of investments and deposits. | ||||||
17 | On the twenty-eighth day of each month the county treasurer | ||||||
18 | shall
publish a report disclosing the investments and deposits | ||||||
19 | of county moneys
as of the first day of that month. The report | ||||||
20 | shall list, under the name of
each bank , or savings and loan | ||||||
21 | association , savings bank, or credit union in which the county | ||||||
22 | treasurer
maintains an account or investment, each separate | ||||||
23 | account or investment
maintained in that institution, the | ||||||
24 | amount of each such account or
investment, the rate of interest | ||||||
25 | of each such account or investment, and
the term of maturity of |
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1 | each such account or investment. The report shall
also disclose | ||||||
2 | the total cost and average rate of interest of all other
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3 | investments of county moneys. A copy of the report shall be | ||||||
4 | transmitted to
each member of the county board, and the report | ||||||
5 | shall be a public record.
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6 | (Source: P.A. 86-962.)
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7 | (55 ILCS 5/3-11009) (from Ch. 34, par. 3-11009)
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8 | Sec. 3-11009. Petty cash fund. For the purpose of enabling | ||||||
9 | the county
treasurer to pay in cash such warrants and other | ||||||
10 | demands as may be
presented to him for payment in cash, he is | ||||||
11 | hereby authorized to withhold
from the daily deposit of funds | ||||||
12 | required of him under Section 3-11004, or
to withdraw from the | ||||||
13 | one or more banks , or savings and loan associations , savings | ||||||
14 | banks, or credit unions
holding such county moneys on deposit, | ||||||
15 | upon check or draft payable
to his own order as county | ||||||
16 | treasurer, such amounts as will enable him to
maintain a petty | ||||||
17 | cash fund sufficient to meet the daily demand for the
purpose | ||||||
18 | herein indicated: Provided, however, that the amount of said | ||||||
19 | petty
cash fund shall at no time exceed the sum of $5,000 in | ||||||
20 | counties having
fewer than 1,000,000 inhabitants or the sum of | ||||||
21 | $200,000 in counties having
1,000,000 or more inhabitants. The | ||||||
22 | county treasurer shall keep proper
records of such petty cash | ||||||
23 | fund, showing the amounts so withheld or
withdrawn by him daily | ||||||
24 | and the amounts paid out by him in cash from day to
day. Such | ||||||
25 | records shall be open to the inspection of all persons wishing |
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1 | to
examine the same.
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2 | (Source: P.A. 86-962.)
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3 | (55 ILCS 5/3-11010) (from Ch. 34, par. 3-11010)
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4 | Sec. 3-11010. Equalization and transfer of deposits. For | ||||||
5 | the
purpose of facilitating the equalization or apportionment | ||||||
6 | of the amount of
the balances on deposit with the several | ||||||
7 | depositories and the speedy
transfer of money from one | ||||||
8 | depository to another in case of
necessity, the county | ||||||
9 | treasurer is hereby authorized to draw checks or
drafts against | ||||||
10 | any deposit made by him under the terms of this Division.
Each | ||||||
11 | draft or check so drawn shall be payable to the order of the
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12 | county treasurer, and shall indicate upon its face that it is | ||||||
13 | drawn only
for deposit in a bank , or savings and loan | ||||||
14 | association , savings bank, or credit union authorized under the
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15 | provisions of this Division to receive county moneys.
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16 | (Source: P.A. 86-962.)
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17 | (55 ILCS 5/3-11011) (from Ch. 34, par. 3-11011)
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18 | Sec. 3-11011. Designation of active depository. Of the | ||||||
19 | banks , or savings and loan associations , savings banks, or | ||||||
20 | credit unions which may have been so designated as
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21 | depositories, one shall be designated from time to time by the | ||||||
22 | county
treasurer as the active bank, depository , or savings and | ||||||
23 | loan association , savings bank, or credit union
for a period of | ||||||
24 | not more than one month at a time. The county board shall
have |
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1 | power, if it sees fit, to require that no bank , or savings and | ||||||
2 | loan
association , savings bank, or credit union whose aggregate | ||||||
3 | capital stock and surplus is less than a
certain specified | ||||||
4 | amount shall be named as the active bank , or savings and
loan | ||||||
5 | association , savings bank, or credit union . During such period | ||||||
6 | the county treasurer shall draw all of
his checks to pay | ||||||
7 | warrants and other demands drawn upon him upon such
active | ||||||
8 | bank , or savings and loan association , savings bank, or credit | ||||||
9 | union : Provided, however, that the
county treasurer shall have | ||||||
10 | power to withdraw county moneys from any
depository for the | ||||||
11 | purposes stated in Section 3-11010: And, provided,
further, | ||||||
12 | that during such period drafts and checks against deposit of | ||||||
13 | funds
designated by Section 3-11003 hereof as "Class A" funds | ||||||
14 | and "Class B" funds
may be drawn upon other than the active | ||||||
15 | bank , or savings and loan association , savings bank, or credit | ||||||
16 | union .
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17 | (Source: P.A. 86-962.)
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18 | (55 ILCS 5/3-11013) (from Ch. 34, par. 3-11013)
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19 | Sec. 3-11013. Annual report of interest received. The | ||||||
20 | county
treasurer shall make to the county clerk an annual | ||||||
21 | report, under oath, of
all interest received by the county | ||||||
22 | treasurer or credited to the county
treasurer by any bank , or | ||||||
23 | savings and loan association, savings bank, or credit union, in | ||||||
24 | which is
deposited any county moneys, and at the time of making | ||||||
25 | such report the
county treasurer shall pay into the county |
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1 | treasury for the benefit of the
county the aggregate amount of | ||||||
2 | all interest so received by or credited to
him, as shown by | ||||||
3 | said report. Such report shall show the name of each bank
or | ||||||
4 | depository where any county moneys are deposited.
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5 | (Source: P.A. 86-962.)
| ||||||
6 | (55 ILCS 5/3-11018) (from Ch. 34, par. 3-11018)
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7 | Sec. 3-11018. Payment of interest or fees on deposits. No | ||||||
8 | bank , or
savings and loan association , savings bank, or credit | ||||||
9 | union holding county moneys deposited therewith by
the county | ||||||
10 | treasurer in accordance with the provisions in this Division, | ||||||
11 | or
otherwise, and no officer of any such bank , or savings and | ||||||
12 | loan association, savings bank, or credit union,
or other | ||||||
13 | person, shall pay to, withhold for the benefit of, or contract | ||||||
14 | in
any manner for the payment to such county treasurer, or to | ||||||
15 | any other person
for him, of any interest or other fee, | ||||||
16 | perquisite or emolument, on account
of the deposit of such | ||||||
17 | county moneys, except such interest as shall be paid
to such | ||||||
18 | county treasurer for the benefit of the county.
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19 | (Source: P.A. 86-962.)
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20 | Section 99. Effective date. This Act takes effect upon | ||||||
21 | becoming law.
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