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90_HB0450
105 ILCS 5/34-28 from Ch. 122, par. 34-28
Amends the School Code. Makes changes of punctuation and
revises references to certain Acts that are referred to in
provisions relating to the investment of Chicago school
funds.
LRB9002565THcd
LRB9002565THcd
1 AN ACT to amend the School Code by changing Section
2 34-28.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The School Code is amended by changing
6 Section 34-28 as follows:
7 (105 ILCS 5/34-28) (from Ch. 122, par. 34-28)
8 Sec. 34-28. Investment of school funds. Investments of
9 school funds shall be made by the board of education only in
10 Federal Government, State, or municipal securities, the
11 payment of which is protected by the power to levy taxes
12 therefor, or in certificates of deposit constituting direct
13 obligations of any savings and loan association, or any bank
14 as defined by the Illinois Banking Act, as heretofore and
15 hereafter amended, provided, however, that such investments
16 in certificates of deposit may be made only in those banks
17 which are insured by the Federal Deposit Insurance
18 Corporation or in withdrawable capital accounts or deposits
19 of State or Federal chartered savings and loan associations
20 which are insured by the Federal Savings and Loan Insurance
21 Corporation.
22 No bank or savings and loan association shall receive
23 public funds as permitted by this Section, unless it has
24 complied with the requirements established pursuant to
25 Section 6 of the Public Funds Investment Act "An Act relating
26 to certain investments of public funds by public agencies",
27 approved July 23, 1943, as now or hereafter amended.
28 (Source: P.A. 86-1028.)