How HB 2413 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes the Community Senior Services and Resources Act, creating a framework for funding and supporting community senior services and resource centers.

• 15 ILCS 520/7

  The State Treasurer may, in his discretion, accept a proposal from an eligible institution which provides for a reduced rate of interest provided that such institution documents the use of deposited funds for community development projects. → The State Treasurer may, in his or her discretion, accept a proposal from an eligible institution that provides for a reduced rate of interest, provided that such institution agrees to expend an amount of money equal to the amount of the reduction for the preservation of Cahokia Mounds.

  This change allows banks that offer reduced interest rates on deposits to allocate those funds specifically for the preservation of Cahokia Mounds.