(105 ILCS 5/34-77) (from Ch. 122, par. 34-77)
Sec. 34-77.
Depositories.
The school treasurer may be required to keep all moneys in his hands
belonging to the board in such places of deposit as may be ordered by the
city council but he shall not be required to deposit such moneys elsewhere
than in a savings and loan association or a regularly organized bank.
No bank or savings and loan association shall receive public 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.
(Source: P.A. 83-541.)
|