(40 ILCS 5/22-303) (from Ch. 108 1/2, par. 22-303)
Sec. 22-303.
Conservation of allowance.
The corporate authorities of any such city or village may make provision
by ordinance for the conservation of the money paid under the foregoing
sections of this Division and the income therefrom through the means of a
duly accredited National or State bank acting as trustee of the fund
created thereby and making payments therefrom at stated intervals to such
family or dependents.
In the event any such corporate authorities shall make provision by
ordinance for the conservation of the money by the naming of a State or
National bank to act as trustee, such ordinance may specify the general
classes of securities, including tax warrants, in which such trustee may
invest such fund. It shall be unlawful for the trustee to invest the same
in any other class of securities except such as are so specified.
(Source: Laws 1963, p. 161.)
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