Bill Sponsors: IL SB2858 | 2017-2018 | 100th General Assembly
Bill Title: Amends the Deposit of State Moneys Act. Provides that whenever the total amount of vouchers presented to the Comptroller exceeds the funds available in the general funds by $1,000,000,000 or more, the State Treasurer may invest or reinvest any State money in the Treasury which is not needed for current expenditures, or any money in the State Treasury which has been set aside and held for the payment of the principal of and the interest on any State bonds, in qualified account receivables under the Vendor Payment Program established by the Comptroller and the Department of Central Management Services. Provides that the State Treasurer shall be a qualified purchaser under the Vendor Payment Program and shall have priority over any other qualified purchasers when purchasing qualified account receivables. Provides that the interest penalty paid on any funds invested or reinvested by the State Treasurer under specified provisions shall be 0.3% per month or 0.01% per day.
Spectrum: Slight Partisan Bill (Democrat 10-4)
Status: (Passed) 2018-08-27 - Public Act . . . . . . . . . 100-1107 [SB2858 Detail]
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Slight Partisan Bill (Democrat 10-4)
Status: (Passed) 2018-08-27 - Public Act . . . . . . . . . 100-1107 [SB2858 Detail]
Text: Latest bill text (Chaptered) [HTML]
