The treasurer of a unit of local government may, in his or her discretion, deposit public moneys of that unit of local government in a financial institution pursuant to an agreement that provides for a reduced rate of interest, provided that the institution agrees to expend an amount of money equal to the amount of the reduction for senior centers.
30 ILCS 235/2.10
Unit of local government; deposit at reduced rate of interest
Known as the Public Funds Investment Act
The act spans §§ 30-235-0-01 to 30-235-9 (14 sections).
P.A. 93-246, eff. 7-22-03.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.