(40 ILCS 5/12-171) (from Ch. 108 1/2, par. 12-171)
Sec. 12-171.
Money which may be held on deposit.
The board may keep as an available sum for the purpose of making
payments for annuities and other benefits, such an amount as shall be
estimated by the board as being necessary to meet the current disbursements
for a period not to exceed 90 days. Such sum shall be kept on deposit in
any bank or savings and loan association in this State organized under
the laws thereof or under the laws
of the United States, or with any trust company incorporated under the laws
of this State; provided said bank, savings and loan association or trust
company shall furnish adequate
security for said sum; and provided further that the sum so deposited shall
not exceed 25% of the paid-up capital and surplus of said bank, savings
and loan association or trust
company.
No bank or savings and loan association shall receive investment funds
as permitted by this Section, unless it has complied with the requirements,
other than the maximum deposit requirement, established pursuant to Section
6 of "An Act relating to certain investments of public funds by public agencies",
approved July 23, 1943, as now or hereafter amended.
(Source: P.A. 83-541.)
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