(40 ILCS 5/5-196)
(from Ch. 108 1/2, par. 5-196)
Moneys which may be held on deposit.
To pay annuities and benefits the Board may at all times keep uninvested
a sum not in excess of the amount required for such payments for a period
not exceeding 60 days. Such sum shall be kept on deposit in any bank or
savings and loan association authorized to do business in
this State. The amount which the Board may
deposit in any such bank or savings and loan association, however, shall
not exceed 25% of the paid up
capital and surplus of the bank or savings and loan association.
No bank or savings and loan association shall receive investment funds
as permitted by this Section, unless it has complied with the requirements,
other than the maximum deposit requirement 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. 83-541.)