IL SB1555

Amends the Public Funds Deposit Act (30 ILCS 225/1) to make a technical revision to Section 1 regarding deposits of public funds.

Changes language in the deposits section by removing redundant "and" text to correct grammatical structure in the statute.

Allows treasurers and custodians of public funds to deposit funds in savings and loan associations, savings banks, or state or national banks in Illinois.

Requires uncollected funds to be invested within 2 working days at prevailing rates or better once they become collected funds and are not needed for immediate disbursement.

Permits treasurers to require banks and financial institutions to deposit securities guaranteed by federal agencies as collateral equal to the amount of public funds deposited that exceed federally insured amounts.