(110 ILCS 947/170)
Sec. 170.
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 Act, 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. 87-997.)
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