(40 ILCS 5/16-179) (from Ch. 108 1/2, par. 16-179)
Sec. 16-179.
To be trustee of reserves and to invest funds.
To
be the trustee of the reserves created under this Article,
and to invest and reinvest such reserves, subject to the requirements and
restrictions set forth in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111,
1-114 and 1-115.
No bank or savings and loan association shall receive investment funds as
permitted by this Section, unless it has complied with the requirements
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. The limitations set forth in such Section 6 shall be applicable
only at the time of investment and shall not require the liquidation of
any investment at any time.
The board shall have the authority to enter into such agreements and to
execute such documents as it determines to be necessary to complete any
investment transaction.
All investments shall be clearly held and accounted for to indicate ownership
by the system. The board may direct the registration of securities or the
holding in interests in real property in the name of the system or in the name
of a nominee created for the express purpose of registration of securities or
holding interests in real property by a national or state bank or trust company
authorized to conduct a trust business in the State of Illinois. The board may
hold title to interests in real property in the name of the system or in the
name of a title holding corporation created for the express purpose of holding
title to interests in real property.
Investments shall be carried at cost or at a value determined in
accordance with generally accepted accounting principles.
(Source: P.A. 90-19, eff. 6-20-97; 90-448, eff. 8-16-97.)
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