(110 ILCS 525/7) (from Ch. 144, par. 677)
Sec. 7.
Moneys of
the board.
No moneys derived from the sale of bonds issued under the provisions of
this Act, or pledged or assigned to or in trust for the benefit of the
holder or holders thereof, shall be required to be paid into the state
treasury but shall be deposited by the Treasurer or other fiscal officer of
the Board in one or more banks, savings and loan associations or trust
companies as may
be designated by the Board. Such moneys shall be disbursed as may be directed
by the Board
and in accordance with the terms of any agreements with the holder or
holders of any bonds. This Section shall not be construed as limiting the
power of the Board to agree in connection with the issuance of any of its
bonds as to the custody and disposition of the moneys received from the
sale of such bonds or from the income and revenues pledged or assigned to
or in trust for the benefit of the holder or holders thereof.
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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