ILCS » Chapter 30 · Act 235
Illinois Compiled Statutes

30 ILCS 235/1 (2026)

The words "public funds", as used in this Act, mean current operating funds, special funds, interest and sinking funds, and funds of any kind or character belonging to or in the custody of any public agency

✓ current as of May 2026
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(30 ILCS 235/1) (from Ch. 85, par. 901)
    Sec. 1. The words "public funds", as used in this Act, mean current operating funds, special funds, interest and sinking funds, and funds of any kind or character belonging to or in the custody of any public agency.
    The words "public agency", as used in this Act, mean the State of Illinois, the various counties, townships, cities, towns, villages, school districts, educational service regions, special road districts, public water supply districts, fire protection districts, drainage districts, levee districts, sewer districts, housing authorities, the Illinois Bank Examiners' Education Foundation, the Chicago Park District, and all other political corporations or subdivisions of the State of Illinois, now or hereafter created, whether herein specifically mentioned or not. This Act does not apply to the Illinois Prepaid Tuition Trust Fund, private funds collected by the Illinois Conservation Foundation, or pension funds or retirement systems established under the Illinois Pension Code, except as otherwise provided in that Code. This Act does not apply to the Illinois State Treasurer, whose investment of State funds shall be governed by the Deposit of State Moneys Act.
    The words "governmental unit", as used in this Act, have the same meaning as in the Local Government Debt Reform Act.
(Source: P.A. 102-297, eff. 8-6-21.)

    
Notes of Decisions
Cited in 5 cases, 2003–2020 · leading case: Bd. of Trs. of Cmty. Coll. Dist. No. 508 v. Lybrand, 803 N.E.2d 460 (Ill. 2003).
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Bd. of Trs. of Cmty. Coll. Dist. No. 508 v. Lybrand, 803 N.E.2d 460 (Ill. 2003). · cites it 2× “City Colleges is a public agency and its investment policies must comply with the Public Funds Investment Act (Investment Act) (30 ILCS 235/1 et seq. (West 2002)). Accordingly, in 1988, 1990, and 1992, the Board adopted resolutions authorizing its treasurer to invest City…”
People v. E.R.H. Enter., 2013 IL 115106 (Ill. 2014). · cites it 2× “” 30 ILCS 235/1 (West 2008). The legislature adopted a very broad definition of “public agency,” which includes, inter alia, “cities, towns, villages,” and “public water supply districts.”
People v. Illinois Dep't of Labor, 2013 IL 115106 (Ill. 2013). “” 30 ILCS 235/1 (West 2008). The legislature adopted a very broad definition of “public agency,” which includes, inter alia, “cities, towns, villages,” and “public water supply districts.”
Omega Demolition Corp. v. Judlau Contracting, Inc, 2020 IL App (2d) 190225-U (Ill. App. Ct. 2020). “” However, section 1 of the Public Funds Investment Act (30 ILCS 235/1 (West 2018)) states: “The words ‘public funds’, as used in this Act, mean current operating funds, special funds, interest and sinking funds, and funds of any kind or character belonging to or in the custody…”
Bd. of Trs. of Cmty. Coll. Dist. No. 508 v. Coopers & Lybrand (Ill. 2003). “City Colleges is a public agency and its investment policies must comply with the Public Funds Investment Act (Investment Act) (30 ILCS 235/1 et seq. (West 2002)). Accordingly, in 1988, 1990, and 1992, the Board adopted resolutions authorizing its treasurer to invest City…”
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