(20 ILCS 3515/16) (from Ch. 127, par. 736)
Sec. 16.
Investment
of funds.
The State authority may invest any funds in bonds, notes, certificates
of indebtedness, treasury bills or other securities constituting direct
obligations of or obligations guaranteed by the United States of America;
in certificates of deposit or time deposits constituting direct obligations
of any bank or savings and loan association authorized to do business
in this State, provided, however, that investments may be made only in
those certificates of deposit or time deposits in banks or savings and
loan associations which are insured
by the Federal Deposit Insurance Corporation or 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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