(310 ILCS 10/28) (from Ch. 67 1/2, par. 27a)
Sec. 28.
The State and all counties, cities, villages, incorporated towns
and other municipal corporations, political subdivisions and public bodies
and public officers of any thereof, all banks, bankers, trust companies,
savings banks and institutions, building and loan associations, savings and
loan associations, investment companies and other persons carrying on a
banking business, all insurance companies, insurance associations and other
persons carrying on an insurance business, and all executors,
administrators, guardians, trustees and other fiduciaries may legally
invest any sinking funds, moneys or other funds belonging to them or within
their control in any bonds or other obligations of a housing authority
issued in connection with a project for which the Federal government, the
State, or any political subdivision of the State has extended or provided
for or has agreed to extend or provide for, financial assistance either in
the form of a capital grant, a loan, or an annual subsidy, or by means of
tax exemption, the sale, lease, gift or bailment of real or personal
property, the furnishing of services, or in any other form, it being the
purpose of this section to authorize the investment in such bonds or other
obligations of all sinking, insurance, retirement, compensation, pension
and trust funds, whether owned or controlled by private or public persons
or officers; provided, however, that nothing contained in this section may
be construed as relieving any person, firm, or corporation from any duty of
exercising reasonable care in selecting securities.
(Source: Laws 1949, p. 1013.)
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