Bill Text: IL HB1421 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning interest on deposits.

Sponsorship: Partisan Bill (Democrat 3)

Status: (Introduced - Dead) 2009-04-03 - Rule 19(a) / Re-referred to Rules Committee [HB1421 Detail]

Download: Illinois-2009-HB1421-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB1421 Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - Jack D. Franks SYNOPSIS AS INTRODUCED:
15 ILCS 520/2 from Ch. 130, par. 21
Amends the Deposit of State Moneys Act. Makes a technical change in a Section concerning interest on deposits.
LRB096 04907 RCE 14973 b
A BILL FOR
HB1421 LRB096 04907 RCE 14973 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 2 as follows:
(15 ILCS 520/2) (from Ch. 130, par. 21)
Sec. 2. All banks or savings and and loan associations in
which any such money is deposited shall be required to pay
interest on time deposit accounts if members of the Federal
Reserve system are permitted to pay interest on the particular
class of deposit. All interest received or paid on account of
money in the State treasury belonging to or for the use of the
State so deposited in banks or savings and loan associations,
shall be the property of the State of Illinois. If any moneys
held by the State Treasurer shall be deposited in banks or
savings and loan associations pursuant to the provisions of
this Act, the interest received thereon shall be credited as
provided in Section 4.1 of "An Act in relation to State
finance".
(Source: P.A. 84-1378.)