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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4945
Introduced 1/15/2010, by Rep. Sidney H. Mathias SYNOPSIS AS INTRODUCED:
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30 ILCS 350/12 |
from Ch. 17, par. 6912 |
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Amends the Local Government Debt Reform Act. Permits governmental units to authorize the treasurer of the governmental unit to join with the treasurers of other governmental units for the purpose of jointly investing the funds of which the treasurer has custody. Effective immediately.
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A BILL FOR
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HB4945 |
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LRB096 16659 RCE 31940 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Local Government Debt Reform Act is amended |
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| by changing Section 12 as follows:
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| (30 ILCS 350/12) (from Ch. 17, par. 6912)
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| Sec. 12. Invest in tax-exempts; joint investments. In |
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| addition to the authority
otherwise available to invest funds, |
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| a governing body may authorize and
upon such authorization the |
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| treasurer of any governmental unit may (i) invest
proceeds of |
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| bonds or money on deposit in any debt service or reserve fund
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| or account relating to bonds in obligations the interest upon |
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| which is
tax-exempt under the provisions of Section 103 of the |
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| Internal Revenue Code
of 1986, as now or hereafter amended, or |
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| any successor code or provision,
subject to such tax-exempt |
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| obligations being rated at the time of purchase
within the 4 |
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| highest general classifications established by a rating
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| service of nationally recognized expertise in rating bonds of |
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| states and
the political subdivisions thereof and (ii) join |
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| with the treasurers of other governmental units for the purpose |
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| of jointly investing the funds of which the treasurer has |
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| custody.
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| (Source: P.A. 85-1419.)
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