IL HB5884

Amends the Public Funds Investment Act to allow municipalities and counties to invest up to $250,000 per year in not-for-profit community development financial institutions.

Eligible institutions must have at least $5,000,000 in net assets and maintain at least an "A" rating from an investment rating organization serving community development financial institutions.

Municipalities and counties may negotiate investment terms and interest rates with institutions, and may establish benchmarks to determine whether to continue investing.

Takes effect upon becoming law.