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|[ House Amendment 001 ]|
92_HB0131 LRB9201579TAtm 1 AN ACT concerning local government. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Local Government Debt Reform Act is 5 amended by changing Section 12 as follows: 6 (30 ILCS 350/12) (from Ch. 17, par. 6912) 7 Sec. 12. Invest in tax-exempts; joint investments. In 8 addition to the authority otherwise available to invest 9 funds, a governing body may authorize and upon such 10 authorization the treasurer of any governmental unit (i) 11 may invest proceeds of bonds or money on deposit in any debt 12 service or reserve fund or account relating to bonds in 13 obligations the interest upon which is tax-exempt under the 14 provisions of Section 103 of the Internal Revenue Code of 15 1986, as now or hereafter amended, or any successor code or 16 provision, subject to such tax-exempt obligations being rated 17 at the time of purchase within the 4 highest general 18 classifications established by a rating service of nationally 19 recognized expertise in rating bonds of states and the 20 political subdivisions thereof and (ii) may join with the 21 treasurers of other governmental units for the purpose of 22 jointly investing the funds of which the treasurer has 23 custody. 24 (Source: P.A. 85-1419.) 25 Section 99. Effective date. This Act takes effect upon 26 becoming law.
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