(40 ILCS 5/6-192) (from Ch. 108 1/2, par. 6-192)
Sec. 6-192.
Moneys which may be held on deposit.
To pay annuities and benefits, the board may at all times keep
uninvested a sum not in excess of the amount required for such payments
which become due and payable within the following 90 days. Such sum or
any part thereof, shall be kept on deposit in any bank or savings and
loan association authorized to do business in this State. The amount which
the board may deposit
in any such bank or savings and loan association, however, shall not
exceed 25% of the paid up capital
and surplus of the bank or savings and loan association.
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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