(50 ILCS 30/6.9) (from Ch. 85, par. 1206.9)
Sec. 6.9.
Each Council may invest and reinvest any money held in reserves
or sinking funds or in any funds not required for immediate disbursement in
bonds and tax anticipation warrants issued by the park district, sanitary
district, school district, county or city in which the property of such
Council is located, in the bonds of the State of Illinois or of the United
States, in certificates of deposit in any federally insured State or
national bank or in any federally insured savings and loan corporation, and
to sell or pledge such securities for any purpose within the powers of such
Council.
No bank or savings and loan association shall receive public 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. 83-541.)
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