A bill sponsored by a St. Charles Republican and signed into law this month provides units of government with a wider variety of investment tools for reserve funds.
The bill – Senate Bill 273 – received unanimous approval in the Senate and House earlier this year.
It was sponsored by state Sen. Don DeWitte, who represents the 33rd Senate District, stretching from Lakewood and Lake in the Hills south through Hampshire, Gilberts, Pingree Grove and West Dundee down around Elgin through the west side of St. Charles to the northern end of Batavia, as well as fellow state Sen. Win Stoller, R-Peoria, and state Rep. Marcus C. Evans Jr., D-Chicago.
Under the new legislation, public agencies can invest in up to one-third of their reserve funds in specific corporate investments and an additional one-third in other corporate investments that meet prescribed parameters, according to a news release from DeWitte’s office. The new provisions apply to all units of government, including the state of Illinois, counties, municipalities, townships, schools, park districts and libraries.
“This is one small way that we can help units of government grow their revenues internally without having to go to taxpayers,” DeWitte said in a statement.
The legislation took effect immediately.