Illinois General Assembly - Full Text of Public Act 096-0964
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Public Act 096-0964





Public Act 096-0964
HB4945 Enrolled LRB096 16659 RCE 31940 b

    AN ACT concerning finance.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Local Government Debt Reform Act is amended
by changing Section 12 as follows:
    (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
(Source: P.A. 85-1419.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/2/2010