(40 ILCS 5/7-201)
(from Ch. 108 1/2, par. 7-201)
The assets of the fund in excess of the amount of
cash required for current operation as determined by the board shall be
invested, subject to the requirements and restrictions set forth in Sections
1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114 and 1-115 of this Code.
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. The limitations set forth in such Section 6
shall be applicable only at the time of investment and shall not require
the liquidation of any investment at any time.
The board may sell any security belonging to the fund at any time in
its judgment that it is necessary or desirable to do so.
The board shall have the authority to enter into such agreements and to
execute such documents as it determines to be necessary to complete any
All investments shall be clearly held and accounted for to indicate ownership
by the board. The board may direct the registration of securities or the
holding of interests in real property in its own name or in the name of a
nominee created for the express purpose of registration of securities or
the holding of interests in real property by a savings and loan
association or national or State bank or trust company authorized to
conduct a trust business in the State of Illinois. The
board may hold title to interests in real property in the name of the Fund
or in the name of a title holding corporation created for the express
purpose of holding title to interests in real property.
Investments shall be carried at cost or at a book value in accordance with
generally accepted accounting principles and accounting procedures approved
by the board.
The book value of investments held by any pension fund or retirement system
in one or more commingled investment accounts shall be the cost of its units
of participation in such commingled account or accounts as recorded on the
books of the board.
(Source: P.A. 89-136, eff. 7-14-95.)