(65 ILCS 5/11-48.3-12) (from Ch. 24, par. 11-48.3-12)
Sec. 11-48.3-12.
Under no circumstances shall any bonds
issued by the Authority be or become an indebtedness or
obligation of the State of Illinois or of any other political
subdivision of or municipality within the State, nor shall any
such bond or obligation be or become an indebtedness of the
Authority within the purview of any constitutional limitation
or provision, and it shall be plainly stated on the face of
each bond that it does not constitute such an indebtedness or
obligation but is payable solely from the revenues or income
as aforesaid.
(Source: P.A. 86-279.)
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(65 ILCS 5/11-48.3-13) (from Ch. 24, par. 11-48.3-13)
Sec. 11-48.3-13.
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, savings and loan associations, investment companies 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 issued pursuant to this Division, 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 from any duty of exercising reasonable care in
selecting securities for investment.
(Source: P.A. 86-279.)
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