Bill Text: IL HB5884 | 2015-2016 | 99th General Assembly | Chaptered

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Bill Title: Amends the Public Funds Investment Act. Provides that municipalities may invest up to $250,000 in public funds in not-for-profit community development financial institutions. Requires the financial institutions to have at least $5,000,000 in net assets and to have earned at least an "A" rating by an investment rating organization. Provides that the investments made shall be made for a term and at a rate acceptable to the municipality and the municipality may set benchmarks in order to continue investing in the not-for-profit community development financial institution.

Sponsorship: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2016-07-29 - Public Act . . . . . . . . . 99-0676 [HB5884 Detail]

Download: Illinois-2015-HB5884-Chaptered.html

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Public Act 099-0676
HB5884 Enrolled LRB099 20550 MLM 45100 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Public Funds Investment Act is amended by
adding Section 9 as follows:
(30 ILCS 235/9 new)
Sec. 9. Municipal and county investment in not-for-profit
community development financial institutions. Municipalities
and counties may invest up to $250,000 per year in public funds
in not-for-profit community development financial institutions
across all institutions. These financial institutions must
have at least $5,000,000 in net assets and have earned at least
an "A" rating by an investment rating organization that
primarily provides services for community development
financial institutions. Investments made under this Section
shall be made for a term and at a rate acceptable to the
municipality or county and the municipality or county may set
benchmarks in order to continue investing in the not-for-profit
community development financial institution.
Section 99. Effective date. This Act takes effect upon
becoming law.