(70 ILCS 1515/6) (from Ch. 105, par. 333.34)
Sec. 6.
Money received from the proceeds of taxes levied for the payment of
principal of and interest upon such refunding and funding bonds shall be
deposited in the depositary bank or savings and loan association of
the Chicago Park District in a special
account designated as "Chicago Park District and Superseded Park Districts
Bond and Interest Sinking Fund Account." Said money shall be faithfully
applied to the payment of the refunding and/or funding bonds and interest
thereon for which such taxes were levied.
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.
If such money is not immediately necessary for the payment or redemption
of refunding and/or funding bonds or if such bonds cannot be purchased
before maturity, then said money may be invested under the direction of the
commissioners in bonds or other interest bearing obligations of the United
States and bonds of the State of Illinois.
The maturity date of the invested securities shall be prior to the due
date of the refunding and/or funding bonds for the payment of which said
money was collected. Such securities may be sold when ordered by the
commissioners if necessary to obtain cash to meet bond and interest
payments.
(Source: P.A. 83-541.)
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