Bill Text: IL HB1034 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning classes of depositaries.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB1034 Detail]

Download: Illinois-2017-HB1034-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB1034 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
15 ILCS 520/4 from Ch. 130, par. 23
Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning classes of depositaries.
LRB100 01838 RJF 11843 b
A BILL FOR
HB1034 LRB100 01838 RJF 11843 b
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Deposit of State Moneys Act is amended by
changing Section 4 as follows:
(15 ILCS 520/4) (from Ch. 130, par. 23)
Sec. 4. There shall be two classes of depositaries, time
deposit and and demand deposit, and separate proposals shall be
obtained for each class. In calling for proposals the State
Treasurer shall indicate that separate quotations of rates of
interest may be made upon such State moneys as shall be
deposited in such bank or savings and loan association and
permitted to remain without diminution for 30, 60 or 90 days,
or for longer periods.
(Source: P.A. 83-541.)