(315 ILCS 30/29) (from Ch. 67 1/2, par. 91.129)
Sec. 29.
The State and all counties, cities, villages, incorporated towns
and other municipal corporations, political subdivisions and public bodies
and public officers of any thereof, all banks, bankers, trust companies,
savings banks and institutions, building and loan associations, investment
companies and other persons carrying on a banking business, all insurance
companies, insurance associations and other persons carrying on an
insurance business, and all executors, administrators, guardians, trustees
and other fiduciaries may legally invest any sinking funds, moneys or other
funds belonging to them or within their control in any bonds of a
municipality issued in connection with a redevelopment project or
conservation area for which the United States of America or any agency or
instrumentality thereof, the State, or any political subdivision of the
State has extended or provided for or has agreed to extend or provide for
financial assistance which prior to the maturity of such bonds will be in
an amount which (together with any other monies irrevocably committed to
the payment of the principal and interest on such bonds) will suffice to
pay the principal of such bonds with interest to maturity thereon and which
monies are required to be used for the purpose of paying the principal of
and the interest on such bonds at their maturity, it being the purpose of
this Section to authorize the investment in such bonds of all sinking,
insurance, retirement, compensation, pension and trust funds, whether owned
or controlled by private or public persons or officers; provided, however,
that nothing contained in this Section may be construed as relieving any
person, firm or corporation from any duty of exercising reasonable care in
selecting securities.
(Source: Laws 1961, p. 3308.)
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