(105 ILCS 5/19-24)
(from Ch. 122, par. 19-24)
Proceeds of taxes-Special fund-Use-Investment.
Money received from the proceeds of taxes levied for payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the school district, designated as the "Refunding Bond and
Interest Sinking Fund Account of ....". This fund shall be applied to the
purchase or payment of refunding bonds and the interest thereon as provided
in Sections 19-16 through 19-26.
If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the corporate authorities of the
school district, the money may be invested by the treasurer of the school
district in bonds or other interest bearing obligations of the United
States or in bonds of the State of Illinois.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing school district. The corporate authorities may sell these
securities whenever necessary to obtain cash to meet bond and interest
(Source: Laws 1961, p. 31