State of Illinois
91st General Assembly
Legislation

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91_HB0473

 
                                               LRB9101146DHmg

 1        AN  ACT  to amend the Local Government Debt Reform Act by
 2    changing Section 12.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.   The  Local  Government  Debt  Reform Act is
 6    amended by changing Section 12 as follows:

 7        (30 ILCS 350/12) (from Ch. 17, par. 6912)
 8        Sec. 12.  Invest in tax-exempts; joint  investments.   In
 9    addition  to  the  authority  otherwise  available  to invest
10    funds,  a  governing  body  may  authorize  and   upon   such
11    authorization  the  treasurer  of any governmental unit (i)
12    may invest proceeds of bonds or money on deposit in any  debt
13    service  or  reserve  fund  or  account  relating to bonds in
14    obligations the interest upon which is tax-exempt  under  the
15    provisions  of  Section  103  of the Internal Revenue Code of
16    1986, as now or hereafter amended, or any successor  code  or
17    provision, subject to such tax-exempt obligations being rated
18    at  the  time  of  purchase  within  the  4  highest  general
19    classifications established by a rating service of nationally
20    recognized  expertise  in  rating  bonds  of  states  and the
21    political subdivisions thereof and (ii)  may  join  with  the
22    treasurers  of  other  governmental  units for the purpose of
23    jointly investing  the  funds  of  which  the  treasurer  has
24    custody.
25    (Source: P.A. 85-1419.)

26        Section  99.  Effective date.  This Act takes effect upon
27    becoming law.

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