(40 ILCS 5/22A-112) (from Ch. 108 1/2, par. 22A-112)
Sec. 22A-112.
Investment authority.
The board shall have the authority
to invest funds, 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 of this
Code.
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 board. The board may direct the registration of
securities in its own name or in the name of a nominee created for the
express purpose of registration of securities by a national or state
bank or trust company authorized to conduct a trust business in the State of Illinois.
Investments shall be carried at cost or at a value
determined in accordance with generally accepted accounting principles
and accounting procedures approved
by the board.
The value of investments held by any pension fund, retirement system
or education fund in one or more commingled investment accounts shall be
determined in accordance with generally accepted accounting principles.
(Source: P.A. 90-19, eff. 6-20-97.)
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