(30 ILCS 350/12)
(from Ch. 17, par. 6912)
Invest in tax-exempts; joint investments.
In addition to the authority
otherwise available to invest funds, a governing body may authorize and
upon such authorization the treasurer of any governmental unit may (i) invest
proceeds of bonds or money on deposit in any debt service or reserve fund
or account relating to bonds in obligations the interest upon which is
tax-exempt under the provisions of Section 103 of the Internal Revenue Code
of 1986, as now or hereafter amended, or any successor code or provision,
subject to such tax-exempt obligations being rated at the time of purchase
within the 4 highest general classifications established by a rating
service of nationally recognized expertise in rating bonds of states and
the political subdivisions thereof and (ii) join with the treasurers of other governmental units for the purpose of jointly investing the funds of which the treasurer has custody.
(Source: P.A. 96-964, eff. 7-2-10.)