[ Back ] [ Bottom ]
92_SB0746
LRB9207098JMmb
1 AN ACT concerning the deposit of State moneys.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Deposit of State Moneys Act is amended by
5 changing Sections 1, 3, 11.1, and 22.5 as follows:
6 (15 ILCS 520/1) (from Ch. 130, par. 20)
7 Sec. 1. The State Treasurer shall deposit all moneys
8 received by him on account of the State within five days
9 after receiving the same in such banks or, savings and loan
10 associations or credit unions of the State as may be
11 authorized to receive such deposits under the terms of this
12 Act. The money so deposited shall be placed to the account of
13 the State Treasurer.
14 No bank or, savings and loan association or credit union
15 shall receive public funds as permitted by this Section,
16 unless it has complied with the requirements established
17 pursuant to Section 6 of "An Act relating to certain
18 investments of public funds by public agencies", approved
19 July 23, 1943, as now or hereafter amended.
20 For purposes of this Act, the term "bank" or "savings and
21 loan association" shall be deemed to include a credit union,
22 and, unless otherwise specifically set forth in this Act,
23 credit unions shall be subject to all rights, privileges,
24 remedies, duties, and obligations granted or imposed by this
25 Act upon banks and savings and loan associations.
26 (Source: P.A. 85-803.)
27 (15 ILCS 520/3) (from Ch. 130, par. 22)
28 Sec. 3. The State Treasurer shall, at such times as he
29 may in his discretion determine, cause a notice to be sent to
30 each savings and loan association, Federally insured credit
-2- LRB9207098JMmb
1 union of $50,000,000 or more assets, or regularly established
2 National and State bank doing business in this State,
3 indicating that on a date named therein not less than one
4 month after the date of such notice, he will receive sealed
5 proposals for the deposit of the public moneys in his custody
6 or control. The State Treasurer may also at any time receive
7 a new or supplemental proposal from any savings and loan
8 association, credit union or national or State bank.
9 A "regularly established" national or State bank is a
10 bank which is doing business in the State under the
11 supervision of the Comptroller of the Currency or the Office
12 of Banks and Real Estate.
13 (Source: P.A. 89-508, eff. 7-3-96.)
14 (15 ILCS 520/11.1) (from Ch. 130, par. 30.1)
15 Sec. 11.1. The State Treasurer may, in his discretion,
16 accept as security for State deposits insured certificates of
17 deposit or share certificates issued to the depository
18 institution pledging them as security and may require
19 security in the amount of 125% of the value of the State
20 deposit. Such certificate of deposit or share certificate
21 shall:
22 (1) be fully insured by the Federal Deposit Insurance
23 Corporation or, the Federal Savings and Loan Insurance
24 Corporation or the National Credit Union Share Insurance Fund
25 or issued by a depository institution which is rated within
26 the 3 highest classifications established by at least one of
27 the 2 standard rating services;
28 (2) be issued by a financial institution having assets
29 of $30,000,000 or more; and
30 (3) be issued by either a savings and loan association
31 having a capital to asset ratio of at least 2% or, by a bank
32 having a capital to asset ratio of at least 6% or by a credit
33 union having a capital to asset ratio of at least 4%.
-3- LRB9207098JMmb
1 The depository institution shall effect the assignment of
2 the certificate of deposit or share certificate to the State
3 Treasurer and shall agree, that in the event the issuer of
4 the certificate fails to maintain the capital to asset ratio
5 required by this Section, such certificate of deposit or
6 share certificate shall be replaced by additional suitable
7 security.
8 (Source: P.A. 85-803.)
9 (15 ILCS 520/22.5) (from Ch. 130, par. 41a)
10 Sec. 22.5. The State Treasurer may, with the approval of
11 the Governor, invest and reinvest any State money in the
12 treasury which is not needed for current expenditures due or
13 about to become due, in obligations of the United States
14 government or its agencies or of National Mortgage
15 Associations established by or under the National Housing
16 Act, 1201 U.S.C. 1701 et seq., or in mortgage participation
17 certificates representing undivided interests in specified,
18 first-lien conventional residential Illinois mortgages that
19 are underwritten, insured, guaranteed, or purchased by the
20 Federal Home Loan Mortgage Corporation or in Affordable
21 Housing Program Trust Fund Bonds or Notes as defined in and
22 issued pursuant to the Illinois Housing Development Act. All
23 such obligations shall be considered as cash and may be
24 delivered over as cash by a State Treasurer to his successor.
25 The State Treasurer may, with the approval of the
26 Governor, purchase any state bonds with any money in the
27 State Treasury that has been set aside and held for the
28 payment of the principal of and interest on the bonds. The
29 bonds shall be considered as cash and may be delivered over
30 as cash by the State Treasurer to his successor.
31 The State Treasurer may, with the approval of the
32 Governor, invest or reinvest any State money in the treasury
33 that is not needed for current expenditure due or about to
-4- LRB9207098JMmb
1 become due, or any money in the State Treasury that has been
2 set aside and held for the payment of the principal of and
3 the interest on any State bonds, in shares, withdrawable
4 accounts, and investment certificates of savings and building
5 and loan associations, incorporated under the laws of this
6 State or any other state or under the laws of the United
7 States; provided, however, that investments may be made only
8 in those savings and loan or building and loan associations
9 the shares and withdrawable accounts or other forms of
10 investment securities of which are insured by the Federal
11 Deposit Insurance Corporation.
12 The State Treasurer may not invest State money in any
13 savings and loan or building and loan association unless a
14 commitment by the savings and loan (or building and loan)
15 association, executed by the president or chief executive
16 officer of that association, is submitted in the following
17 form:
18 The .................. Savings and Loan (or Building
19 and Loan) Association pledges not to reject arbitrarily
20 mortgage loans for residential properties within any
21 specific part of the community served by the savings and
22 loan (or building and loan) association because of the
23 location of the property. The savings and loan (or
24 building and loan) association also pledges to make loans
25 available on low and moderate income residential property
26 throughout the community within the limits of its legal
27 restrictions and prudent financial practices.
28 The State Treasurer may, with the approval of the
29 Governor, invest or reinvest, at a price not to exceed par,
30 any State money in the treasury that is not needed for
31 current expenditures due or about to become due, or any money
32 in the State Treasury that has been set aside and held for
33 the payment of the principal of and interest on any State
34 bonds, in bonds issued by counties or municipal corporations
-5- LRB9207098JMmb
1 of the State of Illinois.
2 The State Treasurer may, with the approval of the
3 Governor, invest or reinvest any State money in the Treasury
4 which is not needed for current expenditure, due or about to
5 become due, or any money in the State Treasury which has been
6 set aside and held for the payment of the principal of and
7 the interest on any State bonds, in participations in loans,
8 the principal of which participation is fully guaranteed by
9 an agency or instrumentality of the United States government;
10 provided, however, that such loan participations are
11 represented by certificates issued only by banks which are
12 incorporated under the laws of this State or any other state
13 or under the laws of the United States, and such banks, but
14 not the loan participation certificates, are insured by the
15 Federal Deposit Insurance Corporation.
16 The State Treasurer may, with the approval of the
17 Governor, invest or reinvest any State money in the Treasury
18 that is not needed for current expenditure, due or about to
19 become due, or any money in the State Treasury that has been
20 set aside and held for the payment of the principal of and
21 the interest on any State bonds, in any of the following:
22 (1) Bonds, notes, certificates of indebtedness,
23 Treasury bills, or other securities now or hereafter
24 issued that are guaranteed by the full faith and credit
25 of the United States of America as to principal and
26 interest.
27 (2) Bonds, notes, debentures, or other similar
28 obligations of the United States of America, its
29 agencies, and instrumentalities.
30 (3) Interest-bearing savings accounts,
31 interest-bearing certificates of deposit,
32 interest-bearing time deposits, or any other investments
33 constituting direct obligations of any bank as defined by
34 the Illinois Banking Act.
-6- LRB9207098JMmb
1 (4) Interest-bearing accounts, certificates of
2 deposit, or any other investments constituting direct
3 obligations of any savings and loan associations
4 incorporated under the laws of this State or any other
5 state or under the laws of the United States.
6 (5) (Blank). Dividend-bearing share accounts, share
7 certificate accounts, or class of share accounts of a
8 credit union chartered under the laws of this State or
9 the laws of the United States; provided, however, the
10 principal office of the credit union must be located
11 within the State of Illinois.
12 (6) Bankers' acceptances of banks whose senior
13 obligations are rated in the top 2 rating categories by 2
14 national rating agencies and maintain that rating during
15 the term of the investment.
16 (7) Short-term obligations of corporations
17 organized in the United States with assets exceeding
18 $500,000,000 if (i) the obligations are rated at the time
19 of purchase at one of the 3 highest classifications
20 established by at least 2 standard rating services and
21 mature not later than 180 days from the date of purchase,
22 (ii) the purchases do not exceed 10% of the corporation's
23 outstanding obligations, and (iii) no more than one-third
24 of the public agency's funds are invested in short-term
25 obligations of corporations.
26 (8) Money market mutual funds registered under the
27 Investment Company Act of 1940, provided that the
28 portfolio of the money market mutual fund is limited to
29 obligations described in this Section and to agreements
30 to repurchase such obligations.
31 (9) The Public Treasurers' Investment Pool created
32 under Section 17 of the State Treasurer Act or in a fund
33 managed, operated, and administered by a bank.
34 (10) Repurchase agreements of government securities
-7- LRB9207098JMmb
1 having the meaning set out in the Government Securities
2 Act of 1986 subject to the provisions of that Act and the
3 regulations issued thereunder.
4 For purposes of this Section, "agencies" of the United
5 States Government includes:
6 (i) the federal land banks, federal intermediate
7 credit banks, banks for cooperatives, federal farm credit
8 banks, or any other entity authorized to issue debt
9 obligations under the Farm Credit Act of 1971 (12 U.S.C.
10 2001 et seq.) and Acts amendatory thereto;
11 (ii) the federal home loan banks and the federal
12 home loan mortgage corporation;
13 (iii) the Commodity Credit Corporation; and
14 (iv) any other agency created by Act of Congress.
15 The Treasurer may, with the approval of the Governor,
16 lend any securities acquired under this Act. However,
17 securities may be lent under this Section only in accordance
18 with Federal Financial Institution Examination Council
19 guidelines and only if the securities are collateralized at a
20 level sufficient to assure the safety of the securities,
21 taking into account market value fluctuation. The securities
22 may be collateralized by cash or collateral acceptable under
23 Sections 11 and 11.1.
24 (Source: P.A. 90-655, eff. 7-30-98.)
25 Section 10. The Public Funds Investment Act is amended
26 by changing Sections 2 and 6 as follows:
27 (30 ILCS 235/2) (from Ch. 85, par. 902)
28 Sec. 2. Authorized investments.
29 (a) Any public agency may invest any public funds as
30 follows:
31 (1) in bonds, notes, certificates of indebtedness,
32 treasury bills or other securities now or hereafter
-8- LRB9207098JMmb
1 issued, which are guaranteed by the full faith and credit
2 of the United States of America as to principal and
3 interest;
4 (2) in bonds, notes, debentures, or other similar
5 obligations of the United States of America or its
6 agencies;
7 (3) in interest-bearing savings accounts,
8 interest-bearing certificates of deposit or
9 interest-bearing time deposits or any other investments
10 constituting direct obligations of any bank as defined by
11 the Illinois Banking Act;
12 (4) in short term obligations of corporations
13 organized in the United States with assets exceeding
14 $500,000,000 if (i) such obligations are rated at the
15 time of purchase at one of the 3 highest classifications
16 established by at least 2 standard rating services and
17 which mature not later than 180 days from the date of
18 purchase, (ii) such purchases do not exceed 10% of the
19 corporation's outstanding obligations and (iii) no more
20 than one-third of the public agency's funds may be
21 invested in short term obligations of corporations; or
22 (5) in money market mutual funds registered under
23 the Investment Company Act of 1940, provided that the
24 portfolio of any such money market mutual fund is limited
25 to obligations described in paragraph (1) or (2) of this
26 subsection and to agreements to repurchase such
27 obligations.
28 (a-1) In addition to any other investments authorized
29 under this Act, a municipality may invest its public funds in
30 interest bearing bonds of any county, township, city,
31 village, incorporated town, municipal corporation, or school
32 district. The bonds shall be registered in the name of the
33 municipality or held under a custodial agreement at a bank.
34 The bonds shall be rated at the time of purchase within the 4
-9- LRB9207098JMmb
1 highest general classifications established by a rating
2 service of nationally recognized expertise in rating bonds of
3 states and their political subdivisions.
4 (b) Investments may be made only in banks which are
5 insured by the Federal Deposit Insurance Corporation. Any
6 public agency may invest any public funds in short term
7 discount obligations of the Federal National Mortgage
8 Association or in shares or other forms of securities legally
9 issuable by savings banks or savings and loan associations
10 incorporated under the laws of this State or any other state
11 or under the laws of the United States. Investments may be
12 made only in those savings banks or savings and loan
13 associations the shares, or investment certificates of which
14 are insured by the Federal Deposit Insurance Corporation. Any
15 such securities may be purchased at the offering or market
16 price thereof at the time of such purchase. All such
17 securities so purchased shall mature or be redeemable on a
18 date or dates prior to the time when, in the judgment of such
19 governing authority, the public funds so invested will be
20 required for expenditure by such public agency or its
21 governing authority. The expressed judgment of any such
22 governing authority as to the time when any public funds will
23 be required for expenditure or be redeemable is final and
24 conclusive. Any public agency may invest any public funds in
25 dividend-bearing share accounts, share certificate accounts
26 or class of share accounts of a credit union chartered under
27 the laws of this State or the laws of the United States;
28 provided, however, the principal office of any such credit
29 union must be located within the State of Illinois.
30 Investments may be made only in those credit unions the
31 accounts of which are insured by applicable law.
32 (c) For purposes of this Section, the term "agencies of
33 the United States of America" includes: (i) the federal land
34 banks, federal intermediate credit banks, banks for
-10- LRB9207098JMmb
1 cooperative, federal farm credit banks, or any other entity
2 authorized to issue debt obligations under the Farm Credit
3 Act of 1971 (12 U.S.C. 2001 et seq.) and Acts amendatory
4 thereto; (ii) the federal home loan banks and the federal
5 home loan mortgage corporation; and (iii) any other agency
6 created by Act of Congress.
7 (d) Except for pecuniary interests permitted under
8 subsection (f) of Section 3-14-4 of the Illinois Municipal
9 Code or under Section 3.2 of the Public Officer Prohibited
10 Practices Act, no person acting as treasurer or financial
11 officer or who is employed in any similar capacity by or for
12 a public agency may do any of the following:
13 (1) have any interest, directly or indirectly, in
14 any investments in which the agency is authorized to
15 invest.
16 (2) have any interest, directly or indirectly, in
17 the sellers, sponsors, or managers of those investments.
18 (3) receive, in any manner, compensation of any
19 kind from any investments in which the agency is
20 authorized to invest.
21 (e) Any public agency may also invest any public funds
22 in a Public Treasurers' Investment Pool created under Section
23 17 of the State Treasurer Act. Any public agency may also
24 invest any public funds in a fund managed, operated, and
25 administered by a bank, subsidiary of a bank, or subsidiary
26 of a bank holding company or use the services of such an
27 entity to hold and invest or advise regarding the investment
28 of any public funds.
29 (f) To the extent a public agency has custody of funds
30 not owned by it or another public agency and does not
31 otherwise have authority to invest such funds, the public
32 agency may invest such funds as if they were its own. Such
33 funds must be released to the appropriate person at the
34 earliest reasonable time, but in no case exceeding 31 days,
-11- LRB9207098JMmb
1 after the private person becomes entitled to the receipt of
2 them. All earnings accruing on any investments or deposits
3 made pursuant to the provisions of this Act shall be credited
4 to the public agency by or for which such investments or
5 deposits were made, except as provided otherwise in Section
6 4.1 of the State Finance Act or the Local Governmental Tax
7 Collection Act, and except where by specific statutory
8 provisions such earnings are directed to be credited to and
9 paid to a particular fund.
10 (g) A public agency may purchase or invest in repurchase
11 agreements of government securities having the meaning set
12 out in the Government Securities Act of 1986 subject to the
13 provisions of said Act and the regulations issued thereunder.
14 The government securities, unless registered or inscribed in
15 the name of the public agency, shall be purchased through
16 banks or trust companies authorized to do business in the
17 State of Illinois.
18 (h) Except for repurchase agreements of government
19 securities which are subject to the Government Securities Act
20 of 1986, no public agency may purchase or invest in
21 instruments which constitute repurchase agreements, and no
22 financial institution may enter into such an agreement with
23 or on behalf of any public agency unless the instrument and
24 the transaction meet the following requirements:
25 (1) The securities, unless registered or inscribed
26 in the name of the public agency, are purchased through
27 banks or trust companies authorized to do business in the
28 State of Illinois.
29 (2) An authorized public officer after ascertaining
30 which firm will give the most favorable rate of interest,
31 directs the custodial bank to "purchase" specified
32 securities from a designated institution. The "custodial
33 bank" is the bank or trust company, or agency of
34 government, which acts for the public agency in
-12- LRB9207098JMmb
1 connection with repurchase agreements involving the
2 investment of funds by the public agency. The State
3 Treasurer may act as custodial bank for public agencies
4 executing repurchase agreements. To the extent the
5 Treasurer acts in this capacity, he is hereby authorized
6 to pass through to such public agencies any charges
7 assessed by the Federal Reserve Bank.
8 (3) A custodial bank must be a member bank of the
9 Federal Reserve System or maintain accounts with member
10 banks. All transfers of book-entry securities must be
11 accomplished on a Reserve Bank's computer records through
12 a member bank of the Federal Reserve System. These
13 securities must be credited to the public agency on the
14 records of the custodial bank and the transaction must be
15 confirmed in writing to the public agency by the
16 custodial bank.
17 (4) Trading partners shall be limited to banks or
18 trust companies authorized to do business in the State of
19 Illinois or to registered primary reporting dealers.
20 (5) The security interest must be perfected.
21 (6) The public agency enters into a written master
22 repurchase agreement which outlines the basic
23 responsibilities and liabilities of both buyer and
24 seller.
25 (7) Agreements shall be for periods of 330 days or
26 less.
27 (8) The authorized public officer of the public
28 agency informs the custodial bank in writing of the
29 maturity details of the repurchase agreement.
30 (9) The custodial bank must take delivery of and
31 maintain the securities in its custody for the account of
32 the public agency and confirm the transaction in writing
33 to the public agency. The Custodial Undertaking shall
34 provide that the custodian takes possession of the
-13- LRB9207098JMmb
1 securities exclusively for the public agency; that the
2 securities are free of any claims against the trading
3 partner; and any claims by the custodian are subordinate
4 to the public agency's claims to rights to those
5 securities.
6 (10) The obligations purchased by a public agency
7 may only be sold or presented for redemption or payment
8 by the fiscal agent bank or trust company holding the
9 obligations upon the written instruction of the public
10 agency or officer authorized to make such investments.
11 (11) The custodial bank shall be liable to the
12 public agency for any monetary loss suffered by the
13 public agency due to the failure of the custodial bank to
14 take and maintain possession of such securities.
15 (i) Notwithstanding the foregoing restrictions on
16 investment in instruments constituting repurchase agreements
17 the Illinois Housing Development Authority may invest in, and
18 any financial institution with capital of at least
19 $250,000,000 may act as custodian for, instruments that
20 constitute repurchase agreements, provided that the Illinois
21 Housing Development Authority, in making each such
22 investment, complies with the safety and soundness guidelines
23 for engaging in repurchase transactions applicable to
24 federally insured banks, savings banks, savings and loan
25 associations or other depository institutions as set forth in
26 the Federal Financial Institutions Examination Council Policy
27 Statement Regarding Repurchase Agreements and any regulations
28 issued, or which may be issued by the supervisory federal
29 authority pertaining thereto and any amendments thereto;
30 provided further that the securities shall be either (i)
31 direct general obligations of, or obligations the payment of
32 the principal of and/or interest on which are unconditionally
33 guaranteed by, the United States of America or (ii) any
34 obligations of any agency, corporation or subsidiary thereof
-14- LRB9207098JMmb
1 controlled or supervised by and acting as an instrumentality
2 of the United States Government pursuant to authority granted
3 by the Congress of the United States and provided further
4 that the security interest must be perfected by either the
5 Illinois Housing Development Authority, its custodian or its
6 agent receiving possession of the securities either
7 physically or transferred through a nationally recognized
8 book entry system.
9 (j) In addition to all other investments authorized
10 under this Section, a community college district may invest
11 public funds in any mutual funds that invest primarily in
12 corporate investment grade or global government short term
13 bonds. Purchases of mutual funds that invest primarily in
14 global government short term bonds shall be limited to funds
15 with assets of at least $100 million and that are rated at
16 the time of purchase as one of the 10 highest classifications
17 established by a recognized rating service. The investments
18 shall be subject to approval by the local community college
19 board of trustees. Each community college board of trustees
20 shall develop a policy regarding the percentage of the
21 college's investment portfolio that can be invested in such
22 funds.
23 Nothing in this Section shall be construed to authorize
24 an intergovernmental risk management entity to accept the
25 deposit of public funds except for risk management purposes.
26 (Source: P.A. 90-319, eff. 8-1-97.)
27 (30 ILCS 235/6) (from Ch. 85, par. 906)
28 Sec. 6. Report of financial institutions.
29 (a) No bank shall receive any public funds unless it has
30 furnished the corporate authorities of a public agency
31 submitting a deposit with copies of the last two sworn
32 statements of resources and liabilities which the bank is
33 required to furnish to the Commissioner of Banks and Real
-15- LRB9207098JMmb
1 Estate or to the Comptroller of the Currency. Each bank
2 designated as a depository for public funds shall, while
3 acting as such depository, furnish the corporate authorities
4 of a public agency with a copy of all statements of resources
5 and liabilities which it is required to furnish to the
6 Commissioner of Banks and Real Estate or to the Comptroller
7 of the Currency; provided, that if such funds or moneys are
8 deposited in a bank, the amount of all such deposits not
9 collateralized or insured by an agency of the federal
10 government shall not exceed 75% of the capital stock and
11 surplus of such bank, and the corporate authorities of a
12 public agency submitting a deposit shall not be discharged
13 from responsibility for any funds or moneys deposited in any
14 bank in excess of such limitation.
15 (b) No savings bank or savings and loan association
16 shall receive public funds unless it has furnished the
17 corporate authorities of a public agency submitting a deposit
18 with copies of the last 2 sworn statements of resources and
19 liabilities which the savings bank or savings and loan
20 association is required to furnish to the Commissioner of
21 Banks and Real Estate or the Federal Deposit Insurance
22 Corporation. Each savings bank or savings and loan
23 association designated as a depository for public funds
24 shall, while acting as such depository, furnish the corporate
25 authorities of a public agency with a copy of all statements
26 of resources and liabilities which it is required to furnish
27 to the Commissioner of Banks and Real Estate or the Federal
28 Deposit Insurance Corporation; provided, that if such funds
29 or moneys are deposited in a savings bank or savings and loan
30 association, the amount of all such deposits not
31 collateralized or insured by an agency of the federal
32 government shall not exceed 75% of the net worth of such
33 savings bank or savings and loan association as defined by
34 the Federal Deposit Insurance Corporation, and the corporate
-16- LRB9207098JMmb
1 authorities of a public agency submitting a deposit shall not
2 be discharged from responsibility for any funds or moneys
3 deposited in any savings bank or savings and loan association
4 in excess of such limitation.
5 (c) (Blank). No credit union shall receive public funds
6 unless it has furnished the corporate authorities of a public
7 agency submitting a share deposit with copies of the last two
8 reports of examination prepared by or submitted to the
9 Illinois Department of Financial Institutions or the National
10 Credit Union Administration. Each credit union designated as
11 a depository for public funds shall, while acting as such
12 depository, furnish the corporate authorities of a public
13 agency with a copy of all reports of examination prepared by
14 or furnished to the Illinois Department of Financial
15 Institutions or the National Credit Union Administration;
16 provided that if such funds or moneys are invested in a
17 credit union account, the amount of all such investments not
18 collateralized or insured by an agency of the federal
19 government or other approved share insurer shall not exceed
20 50% of the unimpaired capital and surplus of such credit
21 union, which shall include shares, reserves and undivided
22 earnings and the corporate authorities of a public agency
23 making an investment shall not be discharged from
24 responsibility for any funds or moneys invested in a credit
25 union in excess of such limitation.
26 (d) Whenever a public agency deposits any public funds
27 in a financial institution, the public agency may enter into
28 an agreement with the financial institution requiring any
29 funds not insured by the Federal Deposit Insurance
30 Corporation or the National Credit Union Administration or
31 other approved share insurer to be collateralized by
32 securities, mortgages, letters of credit issued by a Federal
33 Home Loan Bank, or loans covered by a State Guaranty under
34 the Illinois Farm Development Act in an amount equal to at
-17- LRB9207098JMmb
1 least market value of that amount of funds deposited
2 exceeding the insurance limitation provided by the Federal
3 Deposit Insurance Corporation or the National Credit Union
4 Administration or other approved share insurer.
5 (e) Paragraphs (a), (b), (c), and (d) of this Section do
6 not apply to the University of Illinois, Southern Illinois
7 University, Chicago State University, Eastern Illinois
8 University, Governors State University, Illinois State
9 University, Northeastern Illinois University, Northern
10 Illinois University, Western Illinois University, the
11 Cooperative Computer Center and public community colleges.
12 (Source: P.A. 91-324, eff. 1-1-00; 91-773, eff. 6-9-00.)
[ Top ]