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91_HB0473eng HB0473 Engrossed 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.