Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 446]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF ILLINOIS

443

are not prepared in accordance with Section 6.3 and shall not withhold approval of any payroll because it is prepared in accordance with Section 6.3. Sec. 6.5 Civil Service Commission: T h e Civil Service Commission, in considering all payroll vouchers which are required under provisions of "An Act to regulate the Civil Service of the State of Illinois," approved May 11, 1005, as amended, to be approved by the Civil Service Commission before warrants are drawn by the Auditor of Public Accounts, shall not approve such payroll vouchers if they are not prepared in accordance with Section 6.3 and shall not withhold approval of any payroll because it is prepared in accordance with Section 6.3. Sec. 6.6 Duties of Employers: Each Employer is hereby authorized and directed in the preparation of all payroll vouchers covering payments of salary to Participating Employees for employment on and after September 1, 1941, to indicate in addition to other things, ( a ) the amount of Employee Contributions specified in Section 4.2 which are to be deducted from the salary of each Participating Employee included in each such payroll voucher, (b) the net amount payable to each such Employee after the deduction of such contribution, and (c) the total of all Employee Contributions so deducted. An additional certified copy of each payroll certified by each such Employer, shall be prepared and forwarded along with the original payroll to the Director of Finance, Auditor of Public Accounts, or other officer receiving the original certified payroll for transmittal to the Board as herein provided. Each Employer, in drawing warrants against trust or federal funds for items of salary on payroll vouchers certified by Employers included in this Act after September I, 1941, shall draw such warrants to Participating Employees for the amount of salary or wages specified for the period less the Employee Contribution to be deducted therefrom as set forth in such payroll vouchers and shall draw a warrant for the total of the Employee Contributions so withheld from the Participating Employees on each such payroll voucher to this System. T h e warrant drawn to this System, together with the additional copy of the payroll supplied by the Employer shall be transmitted immediately to the Board. Sec. 6.7 Special Funds: Each Employer having special trust or federal funds in its possession and control is hereby authorized and directed, to the extent not inconsistent with (a) the conditions of trust agreements governing any such trust funds and (b) the provisions of laws governing any such federal funds, to make Employer Contributions out of such funds to this System of the amounts certified in accordance with this Act. Sec. 6.8 Investments of Assets: T h e cash assets of the System in excess of the amount required for current operations shall be invested and reinvested in the following types of securities: ( a ) Obligations of the United States and obligations the interest and principal of which are unconditionally guaranteed by the United States. (b) Obligations of any state, or of any political subdivision in Illinois, or of any county or city in any other state having a population as shown by last federal census of not less than 30,000 inhabitants provided that such political subdivision is not permitted by law to become indebted in excess of ten (10) percent of the assessed valuation of property therein and has not defaulted for a period longer than thirty (30) days in the payment of interest or principal on any of its general obligations or indebtedness during a period of ten (10) calendar years immediately preceding such investment. ( c ) Notes or bonds, secured by first mortgage or trust deed of real estate in Illinois, whether constituting all or a part of the issue so secured where such issue outstanding and unsubordinated shall not exceed fifty percent of the value of such real estate at the time of purchase of the notes or bonds; provided, however, that where bonds or notes of less than the entire issue are purchased, all of such notes or bonds then outstanding and unsubordinated shall be on a parity one with another and the mortgage or trust deed securing the same shall provide that each owner of any such bond or note, in the event of default, may institute a legal or equitable action to collect upon such bond or note. ( d ) First mortgage bonds of any corporation of any State or other obligations of any such corporation which has no outstanding mortgage liens upon a