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(30 ILCS 415/6) (from Ch. 127, par. 706)
Sec. 6.
The State Treasurer may, with the approval of the Governor, invest
and reinvest, at the existing market price and in any event not to
exceed 102% of par plus accrued interest, in obligations, the principal
of and interest on which is guaranteed by the United States Government,
or any certificates of deposit of any savings and loan association or
any State or national bank which are
fully secured by obligations, the principal of and interest on which is
guaranteed by the United States Government, any money in the
Transportation Bond, Series A Fund or the Transportation Bond, Series B
Fund in the State Treasury which, in the opinion of the Governor
communicated in writing to the State Treasurer, is not needed for
current expenditures due or about to become due from such funds. The
cost price of all such obligations shall be considered as cash in the
custody of the State Treasurer, and such obligations shall be conveyed
at cost price as cash by the State Treasurer to his successor. The money
in the Transportation Bond, Series A Fund and in the Transportation
Bond, Series B Fund in the form of such obligations shall be set up by
the State Treasurer as separate accounts and shown distinctly in every
report issued by him regarding fund balances. Earnings received on investments
of the Transportation Bond, Series A Fund shall be paid into the Road Fund.
All other earnings received upon
any such investment shall be paid into the General Revenue Fund. All of
the monies other than accrued interest received from the sale or
redemption of such investments shall be replaced by the State Treasurer
in the fund from which the money was removed for such investment.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments of public
funds by public agencies", approved July 23, 1943, as now or hereafter amended.
(Source: P.A. 83-541.)
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