(30 ILCS 420/8) (from Ch. 127, par. 758)
Sec. 8.
The Treasurer may, with the approval of the Governor, invest and
reinvest any money in the Capital Development Fund in the State Treasury
which, in the opinion of the Governor communicated in writing to the
Treasurer, is not needed for current expenditures due or about to become
due from such funds. Such investments shall be made at the existing market
price and in any event not to exceed 102% of par plus accrued interest, in
obligations, the principal of and interest on which is guaranteed by the
United States Government, or any certificates of deposit of any savings
and loan association or any State or
national bank which are fully secured by obligations, the principal of and
interest on which is guaranteed by the United States Government or secured
by bonds of this State or any of its units of local government, school
districts, or public community college districts or municipal
bonds of other states,
or bonds, notes or debentures of the Illinois Building Authority, Illinois
Toll Highway Authority, or Illinois Housing Development Authority.
Securities of other states and their political subdivisions shall not be
accepted at an amount exceeding ninety percent (90%) of their market value.
All securities shall be subject to acceptance only upon the approval of the
Treasurer. The cost price of all such obligations shall be considered as
cash in the custody of the Treasurer, and such obligations shall be
conveyed at cost price as cash by the Treasurer to his Successor. The money
in the Capital Development Fund in the form of such obligations shall be
set up by the Treasurer as separate accounts and shown distinctly in every
report issued by him regarding fund balances. All earnings received upon
any such investment shall be paid into the Capital Development Bond
Retirement and Interest Fund. All of the monies other than accrued interest
received from the sale of redemption of such investments shall be replaced
by the Treasurer in the funds from which the money was removed for such
investment.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments
of public funds by public agencies", approved July 23, 1943, as now or hereafter
amended.
(Source: P.A. 83-541.)
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