(50 ILCS 455/10) (from Ch. 85, par. 2410)
Sec. 10.
The authority, or any trustee on behalf of the authority, may
invest any funds held by it pursuant to this Act in bonds, notes, certificates
of indebtedness, treasury bills or other securities constituting direct
obligations of the United States of America; in certificates of deposit
or time deposits constituting direct obligations of any savings and loan
association, or any bank as defined by the Illinois Banking Act, as heretofore
and hereafter amended, provided, however, that investments may be made only
in those certificates of deposit or time deposits in banks which are insured
by the Federal Deposit Insurance Corporation or savings and loan associations
insured by the Federal Savings and Loan Insurance Corporation, if then
in existence; or in short term discount obligations of the Federal National
Mortgage Association. Any such securities may be purchased at the offering
or market price thereof at the time of such purchase.
No bank or savings and loan association shall receive public 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.
(Source: P.A. 83-541.)
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