HB4573 Summary

• Removes the "short term" restriction from corporate obligations investments, allowing public agencies to invest in corporation obligations that mature up to 3 years from purchase date instead of the previous 270-day limit.

• Maintains existing requirements that corporate obligations must be from U.S. corporations with assets exceeding $500 million and rated in the top 3 classifications by at least 2 rating services.

• Preserves the limitation that no more than one-third of a public agency's funds may be invested in corporate obligations and purchases cannot exceed 10% of a corporation's outstanding obligations.

• Applies to municipalities, park districts, forest preserve districts, conservation districts, counties, and other governmental units in Illinois.