Rep. Bill Mitchell

Filed: 4/2/2014

 

 


 

 


 
09800HB4983ham001LRB098 16589 JLK 56965 a

1
AMENDMENT TO HOUSE BILL 4983

2    AMENDMENT NO. ______. Amend House Bill 4983 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Township Code is amended by changing
5Section 70-10 as follows:
 
6    (60 ILCS 1/70-10)
7    Sec. 70-10. Depository for township moneys.
8    (a) The township board shall from time to time, when
9requested by the supervisor, designate one or more banks or
10savings and loan associations in which the funds and moneys of
11the township in the custody of the supervisor shall be kept. In
12addition to the supervisor, a co-signer shall be required on
13all township accounts, withdrawals, and deposits. The
14co-signer shall be designated by the township board by
15resolution. When a bank or savings and loan association has
16been designated as a depository, it shall continue as a

 

 

09800HB4983ham001- 2 -LRB098 16589 JLK 56965 a

1depository until 10 days have elapsed after a new depository is
2designated and has qualified by furnishing the statements of
3resources and liabilities required by Section 6 of the Public
4Funds Investment Act.
5    (b) When a new depository is designated, the township board
6shall notify the sureties of the supervisor of that fact, in
7writing, at least5 days before the transfer of funds. The
8supervisor shall be discharged from responsibility for all
9township funds and moneys which he or she deposits in a
10depository designated under this Section while those funds and
11moneys are deposited.
12    (c) No bank or savings and loan association shall receive
13public funds under this Section unless it has complied with
14Section 6 of the Public Funds Investment Act.
15(Source: P.A. 83-1362; 88-62.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.".