---
type: "Bill"
title: "MUNI INVEST-NOT-FOR-PROFIT"
description: "Amends the Public Funds Investment Act. Provides that municipalities may invest up to $250,000 in public funds in not-for-profit community development financial institutions. Requires the financial institutions to have at least $5,000,000 in net assets and to have earned at least an \"A\" rating by an investment rating organization. Provides that the investments made shall be made for a term and at a rate acceptable to the municipality and the municipality may set benchmarks in order to continue investing in the not-for-profit community development financial institution."
jurisdiction: "us/states/il"
legislature: "Illinois General Assembly"
session: "99th"
identifier: "HB 5884"
citation: "Illinois HB 5884 (99th)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 32
vote_count: 2
first_action: "2016-02-11"
last_action: "2016-07-29"
source: "openstates"
source_identifier: "ocd-bill/1f96e0ad-c401-463a-9c5a-e3e02754d5a2"
source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=5884&GAID=13&DocTypeID=HB&LegId=95366&SessionID=88&GA=99"
source_hash: "52c36660a11054f65c072e88cf0840bcb5efdd449c2ed516f200f7c1c01d7c34"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-il"]
---

# Illinois HB 5884 (99th) — MUNI INVEST-NOT-FOR-PROFIT

Amends the Public Funds Investment Act. Provides that municipalities may invest up to $250,000 in public funds in not-for-profit community development financial institutions. Requires the financial institutions to have at least $5,000,000 in net assets and to have earned at least an "A" rating by an investment rating organization. Provides that the investments made shall be made for a term and at a rate acceptable to the municipality and the municipality may set benchmarks in order to continue investing in the not-for-profit community development financial institution.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900HB5884&GA=99&SessionId=88&DocTypeId=HB&LegID=95366&DocNum=5884&GAID=13&Session=&print=true)
2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900HB5884eng&GA=99&SessionId=88&DocTypeId=HB&LegID=95366&DocNum=5884&GAID=13&Session=&print=true)
3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09900HB5884enr&GA=99&SessionId=88&DocTypeId=HB&LegID=95366&DocNum=5884&GAID=13&Session=&print=true)

## Votes

- Third Reading — **55–0** (pass) · upper
- Third Reading — **114–0** (pass) · lower

## Sponsors

- Katherine Cloonen — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2016-02-11** Filed with the Clerk by Rep. Katherine Cloonen `filing`
- **2016-02-11** First Reading `reading-1`
- **2016-02-11** Referred to Rules Committee `referral-committee`
- **2016-03-23** Assigned to Cities & Villages Committee `referral-committee`
- **2016-04-04** Do Pass / Short Debate Cities & Villages Committee; 006-001-000 `committee-passage`
- **2016-04-05** Placed on Calendar 2nd Reading - Short Debate
- **2016-04-05** House Floor Amendment No. 1 Filed with Clerk by Rep. Katherine Cloonen `amendment-introduction`
- **2016-04-05** House Floor Amendment No. 1 Referred to Rules Committee `referral-committee`
- **2016-04-06** House Floor Amendment No. 1 Rules Refers to Cities & Villages Committee
- **2016-04-13** House Floor Amendment No. 1 Recommends Be Adopted Cities & Villages Committee; 004-000-000 `committee-passage-favorable`
- **2016-04-13** Second Reading - Short Debate `reading-2`
- **2016-04-13** House Floor Amendment No. 1 Adopted `amendment-passage`
- **2016-04-13** Placed on Calendar Order of 3rd Reading - Short Debate
- **2016-04-14** Third Reading - Short Debate - Passed 114-000-000 `reading-3, passage`
- **2016-04-14** Added Chief Co-Sponsor Rep. Donald L. Moffitt
- **2016-04-14** Arrive in Senate `introduction`
- **2016-04-14** Placed on Calendar Order of First Reading April 18, 2016 `reading-1`
- **2016-04-15** Chief Senate Sponsor Sen. Toi W. Hutchinson
- **2016-04-18** First Reading `reading-1`
- **2016-04-18** Referred to Assignments `referral-committee`
- **2016-04-27** Assigned to Revenue `referral-committee`
- **2016-05-10** Do Pass Revenue; 009-000-000 `committee-passage`
- **2016-05-10** Placed on Calendar Order of 2nd Reading May 11, 2016
- **2016-05-17** Second Reading `reading-2`
- **2016-05-17** Placed on Calendar Order of 3rd Reading May 18, 2016
- **2016-05-27** Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2016
- **2016-05-30** Third Reading - Passed; 055-000-000 `reading-3, passage`
- **2016-05-30** Passed Both Houses
- **2016-06-27** Sent to the Governor `executive-receipt`
- **2016-07-29** Governor Approved `executive-signature`
- **2016-07-29** Effective Date July 29, 2016
- **2016-07-29** Public Act . . . . . . . . . 99-0676 `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/1f96e0ad-c401-463a-9c5a-e3e02754d5a2`. Confidence: reported (aggregated from official Illinois legislature records).