(110 ILCS 686/31-50)
Sec. 31-50.
Bonds as Legal Investments.
The State and all counties,
cities,
villages, incorporated towns and other municipal corporations, political
subdivisions and public bodies, and public officers of any thereof, all banks,
bankers, trust companies, savings banks and institutions, building and loan
associations, savings and loan associations, investment companies and other
persons carrying on a banking business, all insurance companies, insurance
associations and other persons carrying on an insurance business, and all
executors, administrators, guardians, trustees and other fiduciaries may
legally invest any sinking funds, moneys or other funds belonging to them or
within their control in any bonds issued pursuant to this Article, it being the
purpose of this Section to authorize the investment in such bonds of all
sinking, insurance, retirement, compensation, pension and trust funds, whether
owned or controlled by private or public persons or officers; provided,
however, that nothing contained in this Section may be construed as relieving
any person, firm or corporation from any duty of exercising reasonable care in
selecting securities for purchase or investment.
(Source: P.A. 89-4, eff. 1-1-96.)
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