(50 ILCS 105/3.2)
(from Ch. 102, par. 3.2)
allowed in contracts of deposit and
financial service with local banks and savings and loan associations.
Nothing contained in this Act, including the restrictions set forth in
subsections (b), (c), and (d) of Section 3, shall preclude a contract of
deposit of monies, loans, or other financial services by a unit of local
government, school district, community college district, State
or a police or
firefighter's pension fund established under Article 3 or 4 of the Illinois
Pension Code with a local bank or local savings and loan association,
regardless of whether a member or members of the governing body of the unit
(including any director serving on a hospital district board as provided
subsection (a-5) of Section 13 of the Hospital District Law) are interested
in the bank or savings and loan association as a
an officer, employee, or holder of less than 7 1/2% of
ownership interest. A member or members holding such an interest in such a
contract shall not be deemed to be holding a prohibited interest for
purposes of this Act. The interested member or members of the governing
body must publicly state the nature and extent of their interest during
deliberations concerning the proposed award of such a contract, but shall
not participate in any further deliberations concerning the proposed award.
The interested member or members shall not vote on such a proposed award.
Any member or members abstaining from participation in deliberations and
voting under this Section may be considered present for purposes of
establishing a quorum. Award of such a contract shall require approval by a
majority vote of those members presently holding office. Consideration and
award of any such contract in which a member or members are interested may
only be made at a regularly scheduled public meeting of the governing body
of the unit or district.
(Source: P.A. 90-197, eff. 1-1-98.)