Illinois HB 1447: PUBLIC FUNDS-ONLINE INFO

Bill Text

Full Text of HB1447 

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 Illinois General Assembly

 ILGA.GOV 

 HB1447 - 104th General Assembly 

HB1447 EnrolledLRB104 07063 SPS 17100 b

1 AN ACT concerning State government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The State Treasurer Act is amended by changing 

5Section 10 as follows:

6 (15 ILCS 505/10) (from Ch. 130, par. 10)

7 Sec. 10. Direct deposit of State payments. The Treasurer 

8shall not pay out of the treasury any money, except upon the 

9warrant of the State Comptroller, provided that warrants shall 

10not be required where payments are made by the Comptroller:

11 (1) to providers of community-based mental health 

12 services; ,

13 (2) to persons receiving benefit payments under the 

14 State pension systems; ,

15 (3) to individuals receiving assistance under Article 

16 III of the Illinois Public Aid Code; , or

17 (4) to a public agency as defined in the Public Funds 

18 Investment Act; or ,

19 (5) by direct deposit or by the electronic direct 

20 deposit or transfer of funds.

21 These payments, however, shall only be made upon the 

22approval of the Treasurer, in the form and method provided by 

23the rules or regulations adopted under Section 9.03 of the 

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1State Comptroller Act.

2(Source: P.A. 87-132; 87-653; 87-685; 87-751; 87-895; 88-643, 

3eff. 1-1-95.)

4 Section 10. The Accountability for the Investment of 

5Public Funds Act is amended by changing Section 10 as follows:

6 (30 ILCS 237/10)

7 Sec. 10. Online information concerning investment of 

8public funds. Each State agency shall make available on the 

9Internet, and update at least monthly, no later than the end of 

10each month by the 15th of the month, sufficient information 

11concerning the investment of any public funds held by that 

12State agency to identify the following: 

13 (1) the amount of funds held by that agency on the last 

14 day of the preceding month or the average daily balance 

15 for the preceding month; 

16 (2) the total monthly investment income and yield for 

17 all funds invested by that agency; 

18 (3) the asset allocation of the investments made by 

19 that agency; and 

20 (4) a complete listing of all approved depository 

21 institutions, commercial paper issuers, and broker-dealers 

22 approved to do business with that agency.

23(Source: P.A. 93-499, eff. 1-1-04.)

24 Section 99. Effective date. This Act takes effect upon 

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1becoming law.