Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

30 ILCS 350/12

(30 ILCS 350/12) (from Ch. 17, par. 6912)

Sec. 12. Invest in tax-exempts; joint investments.

In addition to the authority
otherwise available to invest funds, a governing body may authorize and
upon such authorization the treasurer of any governmental unit may (i) invest
proceeds of bonds or money on deposit in any debt service or reserve fund
or account relating to bonds in obligations the interest upon which is
tax-exempt under the provisions of Section 103 of the Internal Revenue Code
of 1986, as now or hereafter amended, or any successor code or provision,
subject to such tax-exempt obligations being rated at the time of purchase
within the 4 highest general classifications established by a rating
service of nationally recognized expertise in rating bonds of states and
the political subdivisions thereof and (ii) join with the treasurers of other governmental units for the purpose of jointly investing the funds of which the treasurer has custody.

(Source: P.A. 96-964, eff. 7-2-10.)