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50 ILCS 340/1
(50 ILCS 340/1) (from Ch. 146 1/2, par. 3.1)
Sec. 1.
Every county, park district, sanitary district, or other municipal
corporation, holding in its treasury funds which are set aside for use for
particular purposes, including any funds that are disbursed to a county or
municipality as their share of the taxes collected under the "Motor Fuel Tax
Law", but which are not immediately necessary for those purposes, by ordinance,
may use those funds, or any of them, in the purchase of tax anticipation
warrants issued by the county, park district, sanitary district, or other
municipal corporation possessing the funds against taxes levied by that
county, park district, sanitary district, or other municipal corporation.
These warrants shall bear interest not to exceed four percent annually.
All interest upon these warrants, and all money paid in redemption of these
warrants, or received from the resale thereof, shall at once be credited
to and placed in the particular fund used to purchase the specified warrants.
Likewise, every county, park district, sanitary district, or other municipal
corporation, by resolution or ordinance may use the money in the specified
funds in the purchase of municipal bonds issued by the county, park district,
sanitary district, or other municipal corporation, possessing the funds
and representing an obligation and pledging the credit of that county, park
district, sanitary district, or other municipal corporation, or bonds and
other interest bearing obligations of the United States, of the
State
of Illinois, or of any other state or of any political subdivision or agency
of the State of Illinois or of any other state, whether the interest earned
thereon is taxable or tax-exempt under federal law, including savings
accounts and savings certificates of deposit
of any State or National Bank if such accounts and certificates are fully
insured by the Federal Deposit Insurance Corporation, withdrawable capital
accounts or deposits of State or federal chartered savings and loan
associations which are fully insured by the Federal Savings and Loan
Insurance Corporation, or treasury notes and other securities issued by
agencies of the United States. All interest upon these bonds or
obligations and all money paid in redemption of these bonds or obligations
or realized from the sale thereof, if afterwards sold, shall at once be
credited to and placed in the particular fund used to purchase the
specified bonds or obligations.
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.
This amendatory Act of 1975 is not a limit on any home rule unit.
(Source: P.A. 93-360, eff. 7-24-03.)
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