Bill Title: Amends the Public Funds Deposit Act. Provides that, in addition to other investments permitted by law, any treasurer or other custodian of public funds may deposit those funds into demand deposit accounts. Excludes those deposits from statutory requirements pertaining to the eligibility of a bank to receive or hold public deposits, and to the pledging of collateral by a bank to secure public deposits, if (i) the public agency initiates the investment at or through a bank located in Illinois and (ii) the invested public funds are at all times fully insured by an agency or instrumentality of the federal government. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0703 [SB1812 Detail]

Text: Latest bill text (Chaptered) [HTML]

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