ST MONEY-DEPOSIT & INVESTMENT Senate SponsorsSen. Robert Peters 1/13/2021SenateSession Sine Die 15 ILCS 520/7from Ch. 130, par. 2615 ILCS 520/22.5from Ch. 130, par. 41aAmends the Deposit of State Moneys Act. Provides that the State Treasurer may allow an eligible financial institution (rather than a bank or savings and loan association) to become a State depository. Provides that State depositories may submit proposals or applications that may be approved or rejected by the State Treasurer. Provides that the State Treasurer may accept a proposal from an eligible financial institution which provides for a reduced rate of interest provided that the financial institution documents the use of deposited funds for specified economic development projects (currently, economic community development projects). Removes provisions concerning proposals for a reduced rate of interest with moneys to be expended for specified purposes. Modifies provisions concerning proposals from an eligible financial institution that provides for interest earnings on deposits of State moneys to be held by the financial institution in a separate account that the State Treasurer may use to secure up to 10% of any specified home loan to Illinois citizens. Modifies provisions concerning permitted investments. Allows the State Treasurer to make specified investments without the approval of the Governor. Expands the items upon which the State Treasurer may invest State moneys. Makes conforming and other changes. Effective immediately.Senate Committee Amendment No. 1 Provides that the State Treasurer may, in his or her discretion, accept a proposal from an eligible financial institution which provides for a reduced rate of interest provided that the financial institution documents the use of deposited funds for economic development (rather than economic development projects), including, but not limited to, agricultural, business, and community development projects or purposes. 2/4/2020SenateFiled with Secretary by Sen. Robert Peters 2/4/2020SenateFirst Reading 2/4/2020SenateReferred to Assignments 2/11/2020SenateAssigned to Financial Institutions 2/27/2020SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Robert Peters 2/27/2020SenateSenate Committee Amendment No. 1 Referred to Assignments 3/3/2020SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions 3/4/2020SenateSenate Committee Amendment No. 1 Adopted 3/4/2020SenateDo Pass as Amended Financial Institutions; 007-000-000 3/4/2020SenatePlaced on Calendar Order of 2nd Reading March 5, 2020 3/25/2020SenateRule 2-10 Third Reading Deadline Established As May 7, 2020 4/12/2020SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 4/23/2020SenateRule 2-10 Third Reading Deadline Established As May 15, 2020 4/30/2020SenateRule 2-10 Third Reading Deadline Established As May 22, 2020 5/7/2020SenateRule 2-10 Third Reading Deadline Established As May 29, 2020 5/15/2020SenateRule 2-10 Third Reading/Passage Deadline Established As May 31, 2020 1/13/2021SenateSession Sine Die