Illinois Statutes
§ 5-196 — Moneys which may be held on deposit
Illinois § 5-196
JurisdictionIllinois
TopicGOVERNMENT
Ch. 40PENSIONS
Act 40 ILCS 5/Illinois Pension Code.
Art.Article 5 - Policemen's Annuity And Benefit Fund--Cities Over 500,000
This text of Illinois § 5-196 (Moneys which may be held on deposit) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
40 Ill. Comp. Stat. 5-196 (2026).
Text
To pay annuities and benefits the Board may at all times keep uninvested a sum not in excess of the amount required for such payments for a period not exceeding 60 days. Such sum shall be kept on deposit in any bank or savings and loan association authorized to do business in this State. The amount which the Board may deposit in any such bank or savings and loan association, however, shall not exceed 25% of the paid up capital and surplus of the bank or savings and loan association. 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 public funds by public agencies", approved
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Legislative History
(Source: P.A. 83-541.)
Nearby Sections
15
§ 5-101
Creation of fund§ 5-102
Terms defined§ 5-103
§ 5-103§ 5-104
Park Policemen's Annuity Act§ 5-107
Effective date§ 5-109
Policeman§ 5-109.1
Gender§ 5-110
Present employee§ 5-111
Future entrant§ 5-112
Active policeman§ 5-113
Act of duty§ 5-114
SalaryCite This Page — Counsel Stack
Bluebook (online)
Illinois § 5-196, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/40/5-196.