IL SB3208

Amends the Public Funds Deposit Act (30 ILCS 225/1) to make a technical change regarding public fund deposits.

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 collected funds not needed for immediate disbursement to be invested within 2 working days at prevailing rates or better.

Permits treasurers to require depositing institutions to provide securities guaranteed by federal agencies as collateral equal to the amount of deposits exceeding federally insured limits.

Authorizes treasurers to enter into agreements with banks, savings institutions, trust companies, or U.S. government agencies regarding deposit of securities, and discharges them from responsibility for funds secured by deposited collateral.