Bill Text: IL HB0505 | 2019-2020 | 101st 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: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB0505 Detail]

Download: Illinois-2019-HB0505-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB0505 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.
LRB101 03058 RJF 48066 b
A BILL FOR
HB0505 LRB101 03058 RJF 48066 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.)