40 ILCS 5/5-187
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 5 - Policemen's Annuity And Benefit Fund--Cities Over 500,000

 (from Ch. 108 1/2, par. 5-187)Sec. 5-187.     To invest money.     To invest the monies of the fund in  accordance with the provisions set forth in Sections 1-109, 1-109.1,  1-109.2, 1-110, 1-111, 1-114 and 1-115 of this Act.  Investments made in accordance with Section 1-113 shall be deemed to be prudent.The Board may sell any of the securities belonging to the fund and  borrow money upon such securities as collateral whenever in its judgment  such action is necessary to meet the cash requirements of the fund.No bank or savings and loan association shall receive investment 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.  The limitations set forth in such Section 6 shall be applicable  only at the time of investment and shall not require the liquidation of  any investment at any time.The board shall have the authority to enter into such agreements and to  execute such documents as it determines to be necessary to complete any  investment transaction.All investments shall be clearly held and accounted for to indicate ownership  by the board.  The board may direct the registration of securities in its  own name or in the name of a nominee created for the express purpose of  registration of securities by a savings and loan association or national  or State bank or trust company authorized to conduct a trust business  in the State of Illinois.Investments shall be carried at cost or at a book value in accordance with  accounting procedures approved by the board.  No adjustments shall be made  in investment carrying values for ordinary current market price fluctuations;  but reserves may be provided to account for possible losses or unrealized  gains as determined by the board.The book value of investments held by the pension fund  in one or more  commingled investment accounts shall be the cost of its units  of participation in such commingled account or accounts as recorded on the  books of the board.The board of trustees of any fund established under this Article may  not transfer its investment authority, nor transfer the assets of the fund  to any other person or entity for the purpose of consolidating or merging  its assets and management with any other pension fund or public investment  authority, unless the board resolution authorizing such transfer is submitted  for approval to the contributors and pensioners of the fund at elections  held not less than 30 days after the adoption of such resolution by the  board, and such resolution is approved by a majority of the votes cast on  the question in both the contributors election and the pensioners election.  The election procedures and qualifications governing the election of trustees  shall govern the submission of resolutions for approval under this paragraph,  insofar as they may be made applicable.    (Source: P.A. 85-964.)