There is a newer version of the Illinois Compiled Statutes
2005 Illinois Code - Chapter 30 Finance 30 ILCS 225/ Public Funds Deposit Act.
(30 ILCS 225/0.01) (from Ch. 102, par. 33.9)
Sec. 0.01.
Short title.
This Act may be cited as the
Public Funds Deposit Act.
(Source: P.A. 86‑1324.)
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(30 ILCS 225/1) (from Ch. 102, par. 34)
Sec. 1.
Deposits.
Any treasurer or other custodian of public funds may
deposit
such funds in a savings and loan association, savings bank, or State or
national bank
in this State. When such deposits become collected funds and are not needed
for immediate disbursement, they shall be invested within 2 working days
at prevailing rates or better. The treasurer or other custodian of public
funds may require
such bank, savings bank, or savings and loan association to deposit with
him or her securities
guaranteed by agencies and instrumentalities of the federal government
equal in market value to the
amount by which the funds deposited exceed the federally insured amount.
Any treasurer or other custodian of public funds may accept as
security for public funds deposited in such bank, savings bank, or
savings and loan association any securities or other eligible
collateral authorized by Sections 11 and 11.1 of the Deposit of State
Moneys Act (15 ILCS 520/11 and 11.1) or Section 6 of the Public Funds
Investment Act (30 ILCS 235/6).
Such treasurer or other custodian is
authorized to enter into an agreement with any such bank, savings bank,
or savings
and
loan association, with any federally insured financial institution or trust
company, or with any agency of the U.S. government relating to the
deposit of such securities.
Any such treasurer or other custodian shall
be discharged from responsibility for any funds for which securities are
so deposited with him or her, and the funds for which securities are so
deposited shall not be subject to any otherwise applicable limitation as
to amount.
No bank, savings bank, or savings and loan association shall receive
public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of the Public Funds Investment Act.
(Source: P.A. 93‑561, eff. 1‑1‑04.)
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(30 ILCS 225/2) (from Ch. 102, par. 35)
Sec. 2.
Nothing in this Act shall be construed to preclude the deposit of
public funds in accordance with any other Act applicable thereto or to
subject any treasurer or other custodian to any liability to which he would
not be subject in the absence of this Act.
(Source: Laws 1963, p. 1797.)
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