(40 ILCS 5/4-133)
(from Ch. 108 1/2, par. 4-133)
Interest on deposits.
If the pension fund, or any part thereof, by order of the board or
otherwise, is deposited in any bank or savings and loan association,
or loaned, all interest or money which is paid or agreed to be paid
on the loan or deposit
shall become a part of the fund. No such
loan or deposit shall be made without board authorization.
No bank or savings and loan association shall receive investment 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. 83-1440.)