§ 34A-202 — Deposits and Investments

Illinois § 34A-202

• Jurisdiction: Illinois
• Topic: EDUCATION
• Ch. 105: SCHOOLS
• Act 105 ILCS 5/: School Code.
• Art.: Article 34A - School Finance Authority

Text

(a) The Authority shall have the power to establish checking and whatever other banking or savings and loan association accounts it may deem appropriate for conducting its affairs. (b) Subject to the provisions of any contract with or for the benefit of the holders of its Obligations, the Authority may invest any funds not required for immediate use or disbursement, whether pursuant to Section 34A-201 of this Article or otherwise, only in Investment Obligations. 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.

Legislative History

(Source: P.A. 83-541.)