Illinois Statutes
§ 13-803 — Moneys to be held on deposit
Illinois·Topic GOVERNMENT·Ch. 40 PENSIONS·Act 40 ILCS 5/ Illinois Pension Code.·Art. Article 13 - Metropolitan Water Reclamation District Retirement Fund
To make the payments authorized by this Article, the Board may keep and hold uninvested a sum not in excess of the amount required to make all annuity and disability benefit payments which shall become due and payable within the following 60 days. Such sum or any part thereof shall be kept on deposit in any bank or savings and loan association authorized to do business under the laws of this State. The amount deposited in any such bank or savings and loan association shall not exceed 25% of its paid-up capital and surplus. No bank or savings and loan association shall receive investment funds as permitted by this Section, unless it has complied with the requirements, other than the maximum deposit requirement, established pursuant to Section 6 of "An Act relating to certain investments of
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Legislative History
(Source: P.A. 87-794.)
Nearby Sections
15
§ 13-101
Creation of Fund§ 13-102
Amendatory Act of 1991§ 13-201
Terms defined§ 13-202
§ 13-202§ 13-203
§ 13-203§ 13-204
§ 13-204§ 13-205
§ 13-205§ 13-206
§ 13-206§ 13-207
§ 13-207§ 13-208
§ 13-208§ 13-209
§ 13-209§ 13-209.5
Licensed health care professional§ 13-210
§ 13-210§ 13-211
§ 13-211§ 13-212
§ 13-212