40 ILCS 5/17-153

(40 ILCS 5/17-153) (from Ch. 108 1/2, par. 17-153)

Sec. 17-153.

Accounting - Audits.

The assets of the Fund shall
be held
for the express purposes set forth in the provisions of this Article subject
to the conditions prescribed herein. An adequate system of accounts and
records shall be established and maintained that will give effect to the
requirements hereof. All assets of the Fund shall be credited to
designated
reserve accounts according to the purposes for which they are held.

Appropriate reserves shall be maintained representing member
contributions and other revenues accruing from taxes, state
appropriations and miscellaneous sources.

At the end of each fiscal year the Board shall have
the
accounts and records of the Fund audited by certified public
accountants
selected by the Board. Within 2 weeks after receiving the audit
report,
the Board shall file a copy of the audit report with the State
Superintendent
of Education and the Auditor General.

(Source: P.A. 90-566, eff. 1-2-98.)