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91_HB0473
LRB9101146DHmg
1 AN ACT to amend the Local Government Debt Reform Act by
2 changing Section 12.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Local Government Debt Reform Act is
6 amended by changing Section 12 as follows:
7 (30 ILCS 350/12) (from Ch. 17, par. 6912)
8 Sec. 12. Invest in tax-exempts; joint investments. In
9 addition to the authority otherwise available to invest
10 funds, a governing body may authorize and upon such
11 authorization the treasurer of any governmental unit (i)
12 may invest proceeds of bonds or money on deposit in any debt
13 service or reserve fund or account relating to bonds in
14 obligations the interest upon which is tax-exempt under the
15 provisions of Section 103 of the Internal Revenue Code of
16 1986, as now or hereafter amended, or any successor code or
17 provision, subject to such tax-exempt obligations being rated
18 at the time of purchase within the 4 highest general
19 classifications established by a rating service of nationally
20 recognized expertise in rating bonds of states and the
21 political subdivisions thereof and (ii) may join with the
22 treasurers of other governmental units for the purpose of
23 jointly investing the funds of which the treasurer has
24 custody.
25 (Source: P.A. 85-1419.)
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.