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HB4945 Engrossed |
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LRB096 16659 RCE 31940 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Local Government Debt Reform Act is amended |
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| by changing Section 12 as follows:
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| (30 ILCS 350/12) (from Ch. 17, par. 6912)
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| Sec. 12. Invest in tax-exempts; joint investments. In |
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| addition to the authority
otherwise available to invest funds, |
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| a governing body may authorize and
upon such authorization the |
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| treasurer of any governmental unit may (i) invest
proceeds of |
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| bonds or money on deposit in any debt service or reserve fund
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| or account relating to bonds in obligations the interest upon |
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| which is
tax-exempt under the provisions of Section 103 of the |
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| Internal Revenue Code
of 1986, as now or hereafter amended, or |
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| any successor code or provision,
subject to such tax-exempt |
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| obligations being rated at the time of purchase
within the 4 |
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| highest general classifications established by a rating
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| service of nationally recognized expertise in rating bonds of |
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| states and
the political subdivisions thereof and (ii) join |
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| with the treasurers of other governmental units for the purpose |
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| of jointly investing the funds of which the treasurer has |
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| custody.
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| (Source: P.A. 85-1419.)
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