HB5304 amends the Public Funds Investment Act to specify permissible investments for public agencies in Illinois.
HB5304 amends the Public Funds Investment Act to detail the types of investments public agencies in Illinois can make with public funds. These include U.S. government securities, municipal bonds, and certain corporate obligations. The bill also restricts investments in repurchase agreements unless they comply with federal law. Public agencies can invest in money market mutual funds and other instruments if they meet specific criteria. The State Treasurer can act as a custodial bank for repurchase agreements, passing through any Federal Reserve Bank charges.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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