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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-48.3-13
(65 ILCS 5/11-48.3-13) (from Ch. 24, par. 11-48.3-13)
Sec. 11-48.3-13.
The State and all counties, cities, villages,
incorporated towns and other municipal corporations, political subdivisions
and public bodies, and public officers of any thereof, all banks, bankers,
trust companies, savings banks and institutions, building and loan
associations, savings and loan associations, investment companies and other
persons carrying on an insurance business and all executors,
administrators, guardians, trustees and other fiduciaries may legally
invest any sinking funds, moneys or other funds belonging to them or within
their control in any bonds issued pursuant to this Division, it being the
purpose of this Section to authorize the investment in such bonds of all
sinking, insurance, retirement, compensation, pension and trust funds,
whether owned or controlled by private or public persons or officers;
provided, however, that nothing contained in this Section may be construed
as relieving any person from any duty of exercising reasonable care in
selecting securities for investment.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-14
(65 ILCS 5/11-48.3-14) (from Ch. 24, par. 11-48.3-14)
Sec. 11-48.3-14.
The governing and administrative body of the
Authority shall be a Board consisting of 9 members and shall be known as
the Municipal Zoo Authority Board. The members of the Board shall be
individuals of generally recognized ability and integrity. They shall serve
without compensation, but shall be reimbursed for actual expenses incurred
by them in the performance of their duties. Any member of the Board,
however, who is appointed to the office of secretary or treasurer may
receive compensation for his or her services as such officer. No member of
the Board or employee of the Authority shall have any private financial
interest, profit or benefit in any contract, work or business of the
Authority or in the sale or lease of any property to or from the Authority.
(Source: P.A. 86-279.)
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65 ILCS 5/11-48.3-15
(65 ILCS 5/11-48.3-15) (from Ch. 24, par. 11-48.3-15)
Sec. 11-48.3-15.
Within 60 days after corporate authorities of a
single municipality qualified as an Authority under the provisions of
Section 11-48.3-3 of this Division shall adopt a resolution or ordinance
providing for an Authority, the mayor, with the advice and consent of the
corporate authorities, shall appoint 3 members of the Board for an initial
term expiring the second June first after appointment, 3 members of the
Board for an initial term expiring the third June first after appointment,
and 3 members of the Board for an initial term expiring the fifth June
first after appointment, and until their successors have been appointed and
qualified. At the expiration of the term of any member, the mayor with the
advice and consent of the corporate authorities, shall appoint his or her
successor in like manner for a term of 5 years from the first day of June
of the year in which they are appointed, except in case of an appointment
to fill a vacancy.
The Board of an Authority comprised of combinations of municipalities, as
provided in Section 11-48.3-3 of this Division, shall be appointed in the
following manner: memberships for the Board shall be apportioned among the
member municipalities, as nearly as possible, according to the proportion
each municipality's population as determined by the most recent federal
census bears to the total population of the metropolitan area as determined
by the most recent federal census. The initial terms of such appointees for
each such municipality shall then be determined by lot. Each such mayor,
with the advice and consent of his or her respective corporate authorities,
shall then appoint the members allotted to him or her in the manner
provided in this Section.
Within 30 days after certification of his or her appointment, and before
entering upon the duties of office, each member of the Board shall
take and subscribe the constitutional oath of office and file it in the
office of the Secretary of State.
(Source: P.A. 86-279.)
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