(40 ILCS 5/7-195.1) (from Ch. 108 1/2, par. 7-195.1)
Sec. 7-195.1. To establish and maintain a revolving account. To establish and maintain a revolving account in a bank or savings and
loan association, approved by the
State Treasurer as a State depositary and having capital funds, represented
by capital, surplus, and undivided profits, of at least 5 million dollars,
for the purpose of making payments of annuities, benefits, and
administrative expenses and payments to the State Agency provided in
Section 7-170. All funds deposited in such account shall be placed in the
name of the Fund and shall be withdrawn only by a check or draft upon the
bank or savings and loan association signed by the president of the
board or the executive director, as the
board may direct. In case the president or executive director, whose
signature appears upon any check or draft, after attaching his signature
ceases to hold office before the delivery thereof to the payee, his
signature nevertheless shall be valid and sufficient for all purposes with
the same effect as if he had remained in office until delivery thereof. The
revolving account shall be created by resolution of the board. The monies in the revolving account shall
be held and expenditures shall be made by the Fund for the purposes herein
set forth. The Fund shall reimburse the revolving account for expenditures
for such purposes.
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 the Public Funds Investment Act, 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.
(Source: P.A. 99-8, eff. 7-9-15.)
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