Bill Amendment: IL HB5884 | 2015-2016 | 99th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: MUNI INVEST-NOT-FOR-PROFIT
Status: 2016-07-29 - Public Act . . . . . . . . . 99-0676 [HB5884 Detail]
Download: Illinois-2015-HB5884-House_Amendment_001.html
Bill Title: MUNI INVEST-NOT-FOR-PROFIT
Status: 2016-07-29 - Public Act . . . . . . . . . 99-0676 [HB5884 Detail]
Download: Illinois-2015-HB5884-House_Amendment_001.html
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| 1 | AMENDMENT TO HOUSE BILL 5884
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| 2 | AMENDMENT NO. ______. Amend House Bill 5884 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Public Funds Investment Act is amended by | ||||||
| 5 | adding Section 9 as follows:
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| 6 | (30 ILCS 235/9 new) | ||||||
| 7 | Sec. 9. Municipal and county investment in not-for-profit | ||||||
| 8 | community development financial institutions. Municipalities | ||||||
| 9 | and counties may invest up to $250,000 per year in public funds | ||||||
| 10 | in not-for-profit community development financial institutions | ||||||
| 11 | across all institutions. These financial institutions must | ||||||
| 12 | have at least $5,000,000 in net assets and have earned at least | ||||||
| 13 | an "A" rating by an investment rating organization that | ||||||
| 14 | primarily provides services for community development | ||||||
| 15 | financial institutions. Investments made under this Section | ||||||
| 16 | shall be made for a term and at a rate acceptable to the | ||||||
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| 1 | municipality or county and the municipality or county may set | ||||||
| 2 | benchmarks in order to continue investing in the not-for-profit | ||||||
| 3 | community development financial institution.
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| 4 | Section 99. Effective date. This Act takes effect upon | ||||||
| 5 | becoming law.".
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