IL SB2858

Amends the Deposit of State Moneys Act to authorize the State Treasurer to invest state funds with the Comptroller's office when General Revenue Fund vouchers exceed available funds by $1 billion or more.

Permits temporary investments up to $2 billion from non-General Revenue Fund sources to help the Comptroller pay outstanding vouchers, with interest rates tied to LIBOR, Federal Funds Rate, or equivalent market rates.

Requires the State Treasurer and Comptroller to enter into intergovernmental agreements establishing procedures, terms, and payment intervals for such investments, with all agreements posted publicly on the Treasurer's website.

Provides that investment repayments constitute irrevocable and continuing authority for necessary transfers between the General Revenue Fund, Health Insurance Reserve Fund, and the respective source funds.

Maintains existing permitted investments in U.S. government obligations, state and local bonds, mortgage certificates, savings accounts, credit union shares, bankers' acceptances, and corporate short-term obligations meeting specified rating and asset requirements.