Illinois General Assembly - Illinois Compiled Statutes

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60 ILCS 1/35-50.6

(60 ILCS 1/35-50.6)

Sec. 35-50.6.

Supervisor; bond proceeds and revenues.

(a) The township supervisor shall be ex officio treasurer and the custodian
of all funds derived from the issuance and sale of bonds under Sections
35-50.1 through 35-50.6 and of all income and revenue derived from the
operation of the senior citizens' housing.  Before the supervisor receives any
funds, he or she shall post with the township board, subject to their approval,
a separate corporate surety bond in an amount determined by resolution of the
township board. The supervisor shall keep the proceeds of bonds issued and
revenues derived from the operation of the senior citizens' housing separate
and apart from all other funds that come into his or her hands as supervisor
and ex officio treasurer of the township.  The supervisor shall deposit the
proceeds derived from the sale of bonds and the income and revenues derived
from the operation of the senior citizens' housing in separate bank or savings
and loan association accounts in a depositary designated by the township board
for that purpose; provided, however, that any funds not so deposited shall be
invested only in investments that are permitted for the township under the
Public Funds Investment Act, as then amended.

(b) No bank or savings and loan association shall receive public funds under
this Section unless it has complied with the provisions of Section 6 of the
Public Funds Investment Act.

(Source: P.A. 87-922; 88-62.)