(65 ILCS 5/11-74.5-12) (from Ch. 24, par. 11-74.5-12)
Sec. 11-74.5-12.
Notwithstanding any other provision of law, bonds issued
pursuant to this Division shall be legal investments for all trust funds,
insurance companies, savings and loan associations, investment companies
and banks, both savings and commercial, and shall be legal investments for
executors, administrators, trustees and all other fiduciaries. Such bonds
shall be legal investments for state school funds and for any funds which
may be invested in county, municipal or school district bonds, and such
bonds shall be deemed to be securities which may properly and legally be
deposited with, and received by, any state or municipal officer or by any
agency or political subdivision of the State for any purpose for which the
deposit of bonds or obligations of the State is now, or may hereafter, be
authorized by law, including deposits to secure public funds.
(Source: P.A. 81-580.)
|
(65 ILCS 5/11-74.5-13) (from Ch. 24, par. 11-74.5-13)
Sec. 11-74.5-13.
Notwithstanding the provisions of any other Act, a member
of the corporate authorities, or an officer or employee of the municipality,
may be an officer, employee or stockholder of a lending institution or lender
participating in a residential housing finance plan of the corporate authorities
provided such member (if a member of such corporate authorities) declares
such position or interest at a regular meeting of the corporate authorities prior to
passage of an ordinance establishing the plan and abstains from voting on
such ordinance.
(Source: P.A. 81-580.)
|
(65 ILCS 5/11-74.5-14) (from Ch. 24, par. 11-74.5-14)
Sec. 11-74.5-14.
The powers conferred by this Division are in addition
and supplemental to, and the limitations imposed by this Division shall
not affect, the powers conferred upon municipalities by any other law.
This Division is not a limitation upon the powers of home rule units. Home
mortgage loans may be acquired, purchased and financed, and bonds may be
issued under this Division for such purposes, notwithstanding that any other
law or power may provide for the acquisition, purchase and financing of
like home mortgage loans, or the issuance of bonds for like purposes, and
without regard to the requirements, restrictions, limitations or other provisions
contained in any law, including
any law relating to any requirement of competitive bidding or restriction
imposed on the sale or disposition of property or award of contracts. Nothing
in this Division shall be deemed or construed to prohibit the exercise of
the powers conferred upon municipalities in connection with the financing
of federally assisted housing for persons of low and moderate income.
(Source: P.A. 81-580.)
|
(65 ILCS 5/11-74.5-15) (from Ch. 24, par. 11-74.5-15)
Sec. 11-74.5-15.
This Act is necessary for the health, welfare and safety
of the State, its municipalities and its inhabitants; therefore, it shall
be liberally construed to effect its purposes.
(Source: P.A. 81-580.)
|
(65 ILCS 5/Art. 11 Div. 74.6 heading) DIVISION 74.6.
INDUSTRIAL JOBS RECOVERY LAW
|