(110 ILCS 805/3-47)
(from Ch. 122, par. 103-47)
Community college funds are public funds within the meaning
of the Public Funds Investment Act and may be invested by the board as provided
in that Act, except as otherwise provided in this Act.
Any community college district, with the approval of its board, is
authorized to enter into agreements of any definite or indefinite term
regarding the deposit, redeposit, investment, reinvestment or withdrawal of
community college funds, including, without limitation, agreements with
other community college districts, agreements with township and school
treasurers authorized by Section 8-7 of the School Code and agreements with
educational service regions authorized by Section 3-9.1 of the School Code.
Each community college district is permitted to (i) combine moneys from
more than one fund of such community college district for the purpose of
investing such funds and (ii) join with other community college districts, with
township and school treasurers and with educational service regions in
investing community college funds, school funds and educational service region
funds. Such joint investments shall be made only in investments authorized by
law for the investment of community college funds or, in the case of
investments made jointly with school and township treasurers and educational
service regions, in investments authorized by law for the investment of
community college funds, school funds and educational service region funds.
When moneys of more than one fund of a single community college district are
combined for investment purposes or when moneys of a community college district
are combined with moneys of other community college districts, school districts
or educational service regions, the moneys combined for such purpose shall be
accounted for separately in all respects, and the earnings from such investment
shall be separately and individually computed and recorded, and credited to the
fund or community college district, school district or
educational service region, as the case may be,
for which the investment was acquired.
(Source: P.A. 87-968.)