(110 ILCS 947/160)
Sec. 160.
Moneys of the Commission.
Notwithstanding the provisions of this
Act or of any other law, all proceeds from the sale of the bonds of the
Commission issued pursuant to this Act or pledged or assigned to or in trust
for the benefit of the holder or holders thereof shall be deposited by the
Chairman of the Commission in such bank or banks or trust company or trust
companies as may be designated by the Commission, and all deposits of such
moneys shall, if required by the Commission, be secured by direct or fully
guaranteed obligations of the United States of America, of a market value equal
at all times to the amount of the moneys on deposit. Such moneys shall be
disbursed as may be directed by the Commission and in accordance with the terms
of any agreements with the holder or holders of any bonds. This Section shall
not be construed as limiting the power of the Commission to agree in connection
with the issuance of any of its bonds as to the custody and disposition of the
moneys received from the sale of the bonds or from the income and revenues
pledged or assigned to or in trust for the benefit of the holder or holders
thereof. In addition to the authority otherwise available to invest funds, the
Commission may invest any of its funds in obligations the interest upon which
is tax-exempt under the provision of Section 103 of the Internal Revenue Code
of 1986, or any successor code or provision. When all of the bonds of the
Commission have been paid or provision has been made for the payment thereof
and when the Commission has determined that it has accumulated more funds than
are necessary therefor, those surplus funds shall be paid into the Student Loan
Fund established under Section 110.
(Source: P.A. 87-997.)
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