The Board of Directors shall cause all money received by them from the City Clerk pursuant to the annexation agreement, as herein provided, to be immediately invested in the obligations or investments as are now authorized or may be hereinafter authorized pursuant to An Act Relating to Certain Investments of Public Funds by Public Agencies, approved 7-23-1943, as is now in force or may hereinafter be amended, or any other applicable laws of the state that may be hereinafter enacted (Public Funds Investment Act, 30 ILCS 235/1 et seq.); provided, however, that nothing contained in this section shall preclude or limit the Board from lending monies held in the Fund to the city for uses consistent with the purpose of the Fund, subject to the following limitations:
(A) The Board shall set forth all terms and conditions of the loan transaction, which shall be approved by affirmative vote of at least three-fourths of the corporate authorities then holding office prior thereto;
(B) Prior to the consummation of any loan transaction, the city shall submit adequate proof of a credit quality rating of A- or better;
(C) Not more 25% of the principal held in the Fund in the aggregate may be loaned by the Board to the city; and
(D) The Board shall be authorized, in its sole discretion, to apply any and all income derived from the Fund for repayment of any indebtedness of the city.
(1994 Code, § 32.113) (Ord. 292, passed 4-10-1979; Ord. 2018-01, passed 1-8-2018)