(30 ILCS 400/4) (from Ch. 127, par. 317)
Sec. 4.
The State Treasurer may, with the approval of the Governor, invest
and reinvest, at the existing market price and in any event not to exceed
102% of par plus accrued interest, any money in the Public Welfare Building
Fund in the State treasury which, in the opinion of the Governor
communicated in writing to the State Treasurer, is not needed for current
expenditures due or about to become due from such fund, in obligations of
the United States Government maturing not more than one year after the date
of purchase. The cost price of all such obligations shall be considered as
cash in the custody of the State Treasurer and such obligations shall be
conveyed at cost price as cash by the State Treasurer to his successor. The
money in the Public Welfare Building Fund in the form of such obligations
shall be set up by the State Treasurer as a separate account of such fund
and shown distinctly in every report issued by him regarding fund balances.
All earnings accruing upon such investment shall be paid into the Public
Welfare Building Bond Retirement and Interest Fund in the State treasury,
which separate fund in the State treasury is hereby created. All of the
moneys received from the sale or redemption of such obligations of the
United States Government shall be replaced in the Public Welfare Building
Fund.
(Source: Laws 1959, p. 2068.)
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