Full Text of HB2101 97th General Assembly
HB2101ham001 97TH GENERAL ASSEMBLY | Rep. Emily McAsey Filed: 3/9/2011
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| 1 | | AMENDMENT TO HOUSE BILL 2101
| 2 | | AMENDMENT NO. ______. Amend House Bill 2101 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Public Funds Investment Act is amended by | 5 | | changing Section 2 as follows:
| 6 | | (30 ILCS 235/2) (from Ch. 85, par. 902)
| 7 | | Sec. 2. Authorized investments.
| 8 | | (a) Any public agency may invest any public funds as | 9 | | follows:
| 10 | | (1) in bonds, notes, certificates of indebtedness, | 11 | | treasury bills or
other securities now or hereafter issued, | 12 | | which are guaranteed by the full
faith and credit of the | 13 | | United States of America as to principal and interest;
| 14 | | (2) in bonds, notes, debentures, or other similar | 15 | | obligations of the
United States of America, its agencies, | 16 | | and its instrumentalities;
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| 1 | | (3) in interest-bearing savings accounts, | 2 | | interest-bearing
certificates of deposit or | 3 | | interest-bearing time deposits or any other
investments | 4 | | constituting direct obligations of any bank as defined by | 5 | | the
Illinois Banking Act;
| 6 | | (4) in short term obligations of corporations
| 7 | | organized in the United States with assets exceeding | 8 | | $500,000,000 if (i)
such obligations are rated at the time | 9 | | of purchase at one of the 3 highest
classifications | 10 | | established by at least 2 standard rating services and
| 11 | | which mature not later than 270 days from the date of | 12 | | purchase, (ii)
such purchases do not exceed 10% of the | 13 | | corporation's outstanding
obligations and (iii) no more | 14 | | than one-third of the public agency's funds
may be invested | 15 | | in short term obligations of corporations; or
| 16 | | (5) in money market mutual funds registered under the | 17 | | Investment
Company Act of 1940, provided that the portfolio | 18 | | of any such money market
mutual fund is limited to | 19 | | obligations described in paragraph (1) or (2) of this
| 20 | | subsection and to agreements to repurchase such | 21 | | obligations.
| 22 | | (a-1) In addition to any other investments authorized under | 23 | | this Act, a
municipality or a county may invest its public | 24 | | funds in interest bearing bonds of any
county, township, city, | 25 | | village, incorporated town, municipal corporation, or
school | 26 | | district, of the State of Illinois, of any other state, or of
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| 1 | | any political subdivision or
agency of the State of Illinois or | 2 | | of any other state, whether the interest
earned thereon is | 3 | | taxable or tax-exempt under federal law. The bonds shall
be | 4 | | registered in the name of the municipality
or county or held | 5 | | under a custodial agreement at a bank. The bonds shall be rated | 6 | | at the
time of purchase within the 4 highest general | 7 | | classifications established by a
rating service of nationally | 8 | | recognized expertise in rating bonds of states and
their | 9 | | political subdivisions.
| 10 | | (b) Investments may be made only in banks which are insured | 11 | | by the
Federal Deposit Insurance Corporation. Any public agency | 12 | | may invest any
public funds in short term discount obligations | 13 | | of the Federal National
Mortgage Association or in shares or | 14 | | other forms of securities legally
issuable by savings banks or | 15 | | savings and loan associations incorporated under
the laws of | 16 | | this State or any other state or under the laws of the United
| 17 | | States. Investments may be made only in those savings banks or | 18 | | savings and
loan associations the shares, or investment | 19 | | certificates of which are insured
by the Federal Deposit | 20 | | Insurance Corporation. Any such securities may be
purchased at | 21 | | the offering or market price thereof at the time of such
| 22 | | purchase. All such securities so purchased shall mature or be | 23 | | redeemable on
a date or dates prior to the time when, in the | 24 | | judgment of
such governing authority, the public funds so | 25 | | invested will be required
for expenditure by such public agency | 26 | | or its governing authority. The
expressed judgment of any such |
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| 1 | | governing authority as to the time when
any public funds will | 2 | | be required for expenditure or be redeemable is
final and | 3 | | conclusive. Any public agency may invest any public funds in
| 4 | | dividend-bearing share accounts, share certificate accounts or | 5 | | class of
share accounts of a credit union chartered under the | 6 | | laws of this State
or the laws of the United States; provided, | 7 | | however, the principal office
of any such credit union must be | 8 | | located within the State of Illinois.
Investments may be made | 9 | | only in those credit unions the accounts of which
are insured | 10 | | by applicable law.
| 11 | | (c) For purposes of this Section, the term "agencies of the | 12 | | United States
of America" includes: (i) the federal land banks, | 13 | | federal intermediate
credit banks, banks for cooperative, | 14 | | federal farm credit banks, or any other
entity authorized to | 15 | | issue debt obligations under the Farm Credit Act of
1971 (12 | 16 | | U.S.C. 2001 et seq.) and Acts amendatory thereto; (ii) the | 17 | | federal
home loan banks and the federal home loan mortgage | 18 | | corporation; and (iii)
any other agency created by Act of | 19 | | Congress.
| 20 | | (d) Except for pecuniary interests permitted under | 21 | | subsection (f) of
Section 3-14-4 of the Illinois Municipal Code | 22 | | or under Section 3.2 of
the Public Officer Prohibited Practices | 23 | | Act, no person acting as treasurer
or financial officer or who | 24 | | is employed in any similar capacity by or for a
public agency | 25 | | may do any of the following:
| 26 | | (1) have any interest, directly or indirectly, in any |
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| 1 | | investments in
which the agency is authorized to invest.
| 2 | | (2) have any interest, directly or indirectly, in the | 3 | | sellers,
sponsors, or managers of those investments.
| 4 | | (3) receive, in any manner, compensation of any kind | 5 | | from any
investments in which the agency is authorized to | 6 | | invest.
| 7 | | (e) Any public agency may also invest any public funds in a | 8 | | Public
Treasurers' Investment Pool created under Section 17 of | 9 | | the State Treasurer
Act. Any public agency may also invest any | 10 | | public funds in a fund managed,
operated, and administered by a | 11 | | bank, subsidiary of a bank, or
subsidiary of a bank holding | 12 | | company or use the services of such an entity to
hold and | 13 | | invest or advise regarding the investment of any public funds.
| 14 | | (f) To the extent a public agency has custody of funds not | 15 | | owned by it or
another public agency and does not otherwise | 16 | | have authority to invest
such funds, the public agency may | 17 | | invest such funds as if they were its
own. Such funds must be | 18 | | released to the appropriate person at the
earliest reasonable | 19 | | time, but in no case exceeding 31 days, after the
private | 20 | | person becomes entitled to the receipt of them. All earnings
| 21 | | accruing on any investments or deposits made pursuant to the | 22 | | provisions
of this Act shall be credited to the public agency | 23 | | by or for which such
investments or deposits were made, except | 24 | | as provided otherwise in Section
4.1 of the State Finance Act | 25 | | or the Local Governmental Tax Collection Act,
and except where | 26 | | by specific statutory provisions such earnings are
directed to |
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| 1 | | be credited to and paid to a particular fund.
| 2 | | (g) A public agency may purchase or invest in repurchase | 3 | | agreements of
government securities having the meaning set out | 4 | | in the Government
Securities Act of 1986, as now or hereafter | 5 | | amended or succeeded, subject to the provisions of said Act and | 6 | | the
regulations issued thereunder. The government securities, | 7 | | unless
registered or inscribed in the name of the public | 8 | | agency, shall be
purchased through banks or trust companies | 9 | | authorized to do business in the
State of Illinois.
| 10 | | (h) Except for repurchase agreements of government | 11 | | securities which are
subject to the Government Securities Act | 12 | | of 1986, as now or hereafter amended or succeeded, no public | 13 | | agency may
purchase or invest in instruments which constitute | 14 | | repurchase agreements,
and no financial institution may enter | 15 | | into such an agreement with or on
behalf of any public agency | 16 | | unless the instrument and the transaction meet
the following | 17 | | requirements:
| 18 | | (1) The securities, unless registered or inscribed in | 19 | | the name of the
public agency, are purchased through banks | 20 | | or trust companies authorized to
do business in the State | 21 | | of Illinois.
| 22 | | (2) An authorized public officer after ascertaining | 23 | | which firm will give
the most favorable rate of interest, | 24 | | directs the custodial bank to
"purchase" specified | 25 | | securities from a designated institution.
The "custodial | 26 | | bank" is the bank or trust company, or agency of
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| 1 | | government, which acts for the public agency in connection | 2 | | with repurchase
agreements involving the investment of | 3 | | funds by the public agency. The
State Treasurer may act as | 4 | | custodial bank for public agencies executing
repurchase | 5 | | agreements. To the extent the Treasurer acts in this | 6 | | capacity,
he is hereby authorized to pass through to such | 7 | | public agencies any charges
assessed by the Federal Reserve | 8 | | Bank.
| 9 | | (3) A custodial bank must be a member bank of the | 10 | | Federal Reserve System
or maintain accounts with member | 11 | | banks. All transfers of book-entry
securities must be | 12 | | accomplished on a Reserve Bank's computer records
through a | 13 | | member bank of the Federal Reserve System. These securities | 14 | | must
be credited to the public agency on the records of the | 15 | | custodial bank and
the transaction must be confirmed in | 16 | | writing to the public agency by
the custodial bank.
| 17 | | (4) Trading partners shall be limited to banks or trust | 18 | | companies
authorized to do business in the State of | 19 | | Illinois or to registered primary
reporting dealers.
| 20 | | (5) The security interest must be perfected.
| 21 | | (6) The public agency enters into a written master | 22 | | repurchase agreement
which outlines the basic | 23 | | responsibilities and liabilities of both buyer and
seller.
| 24 | | (7) Agreements shall be for periods of 330 days or | 25 | | less.
| 26 | | (8) The authorized public officer of the public agency |
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| 1 | | informs the
custodial bank in writing of the maturity | 2 | | details of the repurchase agreement.
| 3 | | (9) The custodial bank must take delivery of and | 4 | | maintain the
securities in its custody for the account of | 5 | | the public agency and confirm
the transaction in writing to | 6 | | the public agency. The Custodial Undertaking
shall provide | 7 | | that the custodian takes possession of the securities
| 8 | | exclusively for the public agency; that the securities are | 9 | | free of any
claims against the trading partner; and any | 10 | | claims by the custodian are
subordinate to the public | 11 | | agency's claims to rights to those securities.
| 12 | | (10) The obligations purchased by a public agency may | 13 | | only be sold or
presented for redemption or payment by the | 14 | | fiscal agent bank or trust
company holding the obligations | 15 | | upon the written instruction of the
public agency or | 16 | | officer authorized to make such investments.
| 17 | | (11) The custodial bank shall be liable to the public | 18 | | agency for any
monetary loss suffered by the public agency | 19 | | due to the failure of the
custodial bank to take and | 20 | | maintain possession of such securities.
| 21 | | (i) Notwithstanding the foregoing restrictions on | 22 | | investment in
instruments constituting repurchase agreements | 23 | | the Illinois Housing
Development Authority may invest in, and | 24 | | any financial institution with
capital of at least $250,000,000 | 25 | | may act as custodian for, instruments
that constitute | 26 | | repurchase agreements, provided that the Illinois Housing
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| 1 | | Development Authority, in making each such investment, | 2 | | complies with the
safety and soundness guidelines for engaging | 3 | | in repurchase transactions
applicable to federally insured | 4 | | banks, savings banks, savings and loan
associations or other | 5 | | depository institutions as set forth in the Federal
Financial | 6 | | Institutions Examination Council Policy Statement Regarding
| 7 | | Repurchase Agreements and any regulations issued, or which may | 8 | | be issued by the
supervisory federal authority pertaining | 9 | | thereto and any amendments thereto;
provided further that the | 10 | | securities shall be either (i) direct general
obligations of, | 11 | | or obligations the payment of the principal of and/or interest
| 12 | | on which are unconditionally guaranteed by, the United States | 13 | | of America or
(ii) any obligations of any agency, corporation | 14 | | or subsidiary thereof
controlled or supervised by and acting as | 15 | | an instrumentality of the United
States Government pursuant to | 16 | | authority granted by the Congress of the United
States and | 17 | | provided further that the security interest must be perfected | 18 | | by
either the Illinois Housing Development Authority, its | 19 | | custodian or its agent
receiving possession of the securities | 20 | | either physically or transferred through
a nationally | 21 | | recognized book entry system.
| 22 | | (j) In addition to all other investments authorized
under | 23 | | this Section, a community college district may
invest public | 24 | | funds in any mutual funds that
invest primarily in corporate | 25 | | investment grade or global government short term
bonds.
| 26 | | Purchases of mutual funds that invest primarily in global |
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| 1 | | government short
term bonds shall be limited to funds with | 2 | | assets of at least $100 million and
that are rated at the time | 3 | | of purchase as one of the 10 highest classifications
| 4 | | established by a recognized rating service. The investments | 5 | | shall be subject
to approval by the local community college | 6 | | board of trustees. Each community
college board of trustees | 7 | | shall develop a policy regarding the percentage of
the | 8 | | college's investment portfolio that can be invested in such | 9 | | funds.
| 10 | | Nothing in this Section shall be construed to authorize an
| 11 | | intergovernmental risk management entity to accept the deposit | 12 | | of public funds
except for risk management purposes.
| 13 | | (Source: P.A. 96-741, eff. 8-25-09.)
| 14 | | Section 10. The Counties Code is amended by changing | 15 | | Sections 3-10009, 3-11002, 3-11003, 3-11004, 3-11006, 3-11007, | 16 | | 3-11009, 3-11010, 3-11011, 3-11013, and 3-11018 as follows:
| 17 | | (55 ILCS 5/3-10009) (from Ch. 34, par. 3-10009)
| 18 | | Sec. 3-10009. Deposit of public funds. | 19 | | (a) In counties having a
population of less than 150,000 | 20 | | the county board, when requested by the
county treasurer, shall | 21 | | designate one or more banks , or savings and loan
associations , | 22 | | savings banks, or credit unions in which the funds and other | 23 | | public moneys in the custody of
the county treasurer may be | 24 | | kept and when a bank , or savings and loan
association , savings |
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| 1 | | bank, or credit union has been designated as a depository it | 2 | | shall continue as such
until 10 days have elapsed after a new | 3 | | depository is designated and has
qualified by furnishing the | 4 | | statements of resources and liabilities as is
required by this | 5 | | Section. When a new depository is designated, the county
board | 6 | | shall notify the sureties of the county treasurer of that fact, | 7 | | in
writing, at least 5 days before the transfer of funds. The | 8 | | county treasurer
shall be discharged from responsibility for | 9 | | all funds and moneys which he
deposits in a depository so | 10 | | designated while such funds and moneys are
so deposited.
| 11 | | No bank , or savings and loan association , savings bank, or | 12 | | credit union shall receive public funds as
permitted by this | 13 | | Section, unless it has complied with the requirements
| 14 | | established pursuant to Section 6 of "An Act relating to | 15 | | certain investments
of public funds by public agencies", | 16 | | approved July 23, 1943, as now or
hereafter amended.
| 17 | | (b) In addition to any other investments or deposits | 18 | | authorized under this Code, counties are authorized to invest | 19 | | the funds and public moneys in the custody of the county | 20 | | treasurer in accordance with the Public Funds Investment Act. | 21 | | (Source: P.A. 86-962.)
| 22 | | (55 ILCS 5/3-11002) (from Ch. 34, par. 3-11002)
| 23 | | Sec. 3-11002. Designation of depositories. | 24 | | (a) In counties having a
population of more than 150,000 | 25 | | the county board, when requested by the
County Treasurer, shall |
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| 1 | | designate one or more banks , or savings and loan
associations , | 2 | | savings banks, or credit unions in which the funds and other | 3 | | public moneys in the custody of
the County Treasurer may be | 4 | | kept and when a bank , or savings and loan
association , savings | 5 | | bank, or credit union has been designated as a depository it | 6 | | shall continue as such
until 10 days have elapsed after a new | 7 | | depository is designated and has
qualified by furnishing the | 8 | | statements of resources and liabilities as is
required by this | 9 | | Section. When a new depository is designated, the county
board | 10 | | shall notify the sureties of the County Treasurer of that fact, | 11 | | in
writing, at least 5 days before the transfer of funds. The | 12 | | County Treasurer
shall be discharged from responsibility for | 13 | | all funds and moneys which he
deposits in a depository so | 14 | | designated while such funds and moneys are so
deposited.
| 15 | | No bank , or savings and loan association , savings bank, or | 16 | | credit union shall receive public funds as
permitted by this | 17 | | Section, unless it has complied with the requirements
| 18 | | established pursuant to Section 6 of "An Act relating to | 19 | | certain
investments of public funds by public agencies", | 20 | | approved July 23, 1943, as
now or hereafter amended.
| 21 | | (b) In addition to any other investments or deposits | 22 | | authorized under this Code, counties are authorized to invest | 23 | | the funds and public moneys in the custody of the County | 24 | | Treasurer in accordance with the Public Funds Investment Act. | 25 | | (Source: P.A. 86-962.)
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| 1 | | (55 ILCS 5/3-11003) (from Ch. 34, par. 3-11003)
| 2 | | Sec. 3-11003. Classification of funds. For the purpose of
| 3 | | establishing a control over the withdrawal, in accordance with | 4 | | the
provisions of this Division, of all county moneys deposited | 5 | | in any bank , or
savings and loan association, savings bank, or | 6 | | credit union, as hereinafter required, such moneys are
hereby | 7 | | classified as follows:
| 8 | | Class A. All taxes and special assessments received by the | 9 | | county
treasurer in his capacity as ex officio county collector | 10 | | or ex officio town
collector, and held by him pending | 11 | | distribution to the several governments
or authorities | 12 | | entitled to receive the same, shall be known as "Class A"
| 13 | | funds.
| 14 | | Class B. All other moneys belonging to the State of | 15 | | Illinois or to any
political or corporate subdivision thereof, | 16 | | except the county, shall be
known as "Class B" funds.
| 17 | | Class C. All moneys belonging to the county in its | 18 | | corporate capacity
shall be known as "Class C" funds.
| 19 | | Class D. All other county moneys as defined in Section | 20 | | 3-11001 shall
be known as "Class D" funds.
| 21 | | (Source: P.A. 86-962.)
| 22 | | (55 ILCS 5/3-11004) (from Ch. 34, par. 3-11004)
| 23 | | Sec. 3-11004. Deposits by county treasurer. It shall be the | 24 | | duty of
the county treasurer of such county to deposit daily, | 25 | | in separate accounts
in accordance with the classification set |
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| 1 | | forth in Section 3-11003, to the
credit of the county treasurer | 2 | | of such county, in one or more banks , or
savings and loan | 3 | | associations , savings banks, or credit unions as shall have | 4 | | been selected and designated
under the terms of this Division | 5 | | and as shall have complied with the
requirements thereof, all | 6 | | county moneys as defined in Section 3-11001,
received by him | 7 | | during banking hours, and also all such county moneys as he
may | 8 | | have received on the day previous after banking hours.
| 9 | | (Source: P.A. 86-962.)
| 10 | | (55 ILCS 5/3-11006) (from Ch. 34, par. 3-11006)
| 11 | | Sec. 3-11006.
Investment of county moneys; release of | 12 | | private
funds in custody of county treasurer. | 13 | | (a) All county moneys shall be invested in
one or more of | 14 | | the following: (1) (a) interest-bearing savings accounts,
| 15 | | interest-bearing certificates of deposit or interest-bearing | 16 | | time deposits
constituting direct obligations of any bank as | 17 | | shall have been selected and
designated under the terms of this | 18 | | Division and as shall have
complied with the requirements | 19 | | thereof; (2) (b) shares or other forms of
securities legally | 20 | | issuable by savings and loan associations incorporated
under | 21 | | the laws of this State or any other state or under the laws of | 22 | | the
United States, provided such shares or securities are | 23 | | insured by the
Federal Savings and Loan Insurance Corporation; | 24 | | (3) (c) bonds, notes,
certificates of indebtedness, treasury | 25 | | bills or other securities now or
hereafter issued, which are |
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| 1 | | guaranteed by the full faith and credit of the
United States of | 2 | | America as to principal and interest; (4) (d) short term
| 3 | | discount obligations of the Federal National Mortgage | 4 | | Association ; and (5) dividend-bearing share accounts, share | 5 | | certificate accounts, or class of share accounts of a credit | 6 | | union chartered under the laws of this State or the laws of the | 7 | | United States, provided the accounts of that credit union are | 8 | | insured by applicable law and the credit union's principal | 9 | | office is located within the State of Illinois . The
expressed | 10 | | judgment of the county treasurer as to the time when any county
| 11 | | moneys will be required for expenditure or be redeemable is | 12 | | final and
conclusive. Privately owned funds held in the custody | 13 | | of a county treasurer
must be released to the appropriate party | 14 | | at the earliest reasonable time,
but in no case exceeding 31 | 15 | | days, after the private party becomes entitled
to the receipt | 16 | | of them.
| 17 | | (b) In addition to any other investments or deposits | 18 | | authorized under this Code, all counties are authorized to | 19 | | invest county moneys in accordance with the Public Funds | 20 | | Investment Act. | 21 | | (Source: P.A. 86-962.)
| 22 | | (55 ILCS 5/3-11007) (from Ch. 34, par. 3-11007)
| 23 | | Sec. 3-11007. Monthly report of investments and deposits. | 24 | | On the twenty-eighth day of each month the county treasurer | 25 | | shall
publish a report disclosing the investments and deposits |
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| 1 | | of county moneys
as of the first day of that month. The report | 2 | | shall list, under the name of
each bank , or savings and loan | 3 | | association , savings bank, or credit union in which the county | 4 | | treasurer
maintains an account or investment, each separate | 5 | | account or investment
maintained in that institution, the | 6 | | amount of each such account or
investment, the rate of interest | 7 | | of each such account or investment, and
the term of maturity of | 8 | | each such account or investment. The report shall
also disclose | 9 | | the total cost and average rate of interest of all other
| 10 | | investments of county moneys. A copy of the report shall be | 11 | | transmitted to
each member of the county board, and the report | 12 | | shall be a public record.
| 13 | | (Source: P.A. 86-962.)
| 14 | | (55 ILCS 5/3-11009) (from Ch. 34, par. 3-11009)
| 15 | | Sec. 3-11009. Petty cash fund. For the purpose of enabling | 16 | | the county
treasurer to pay in cash such warrants and other | 17 | | demands as may be
presented to him for payment in cash, he is | 18 | | hereby authorized to withhold
from the daily deposit of funds | 19 | | required of him under Section 3-11004, or
to withdraw from the | 20 | | one or more banks , or savings and loan associations , savings | 21 | | banks, or credit unions
holding such county moneys on deposit, | 22 | | upon check or draft payable
to his own order as county | 23 | | treasurer, such amounts as will enable him to
maintain a petty | 24 | | cash fund sufficient to meet the daily demand for the
purpose | 25 | | herein indicated: Provided, however, that the amount of said |
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| 1 | | petty
cash fund shall at no time exceed the sum of $5,000 in | 2 | | counties having
fewer than 1,000,000 inhabitants or the sum of | 3 | | $200,000 in counties having
1,000,000 or more inhabitants. The | 4 | | county treasurer shall keep proper
records of such petty cash | 5 | | fund, showing the amounts so withheld or
withdrawn by him daily | 6 | | and the amounts paid out by him in cash from day to
day. Such | 7 | | records shall be open to the inspection of all persons wishing | 8 | | to
examine the same.
| 9 | | (Source: P.A. 86-962.)
| 10 | | (55 ILCS 5/3-11010) (from Ch. 34, par. 3-11010)
| 11 | | Sec. 3-11010. Equalization and transfer of deposits. For | 12 | | the
purpose of facilitating the equalization or apportionment | 13 | | of the amount of
the balances on deposit with the several | 14 | | depositories and the speedy
transfer of money from one | 15 | | depository to another in case of
necessity, the county | 16 | | treasurer is hereby authorized to draw checks or
drafts against | 17 | | any deposit made by him under the terms of this Division.
Each | 18 | | draft or check so drawn shall be payable to the order of the
| 19 | | county treasurer, and shall indicate upon its face that it is | 20 | | drawn only
for deposit in a bank , or savings and loan | 21 | | association , savings bank, or credit union authorized under the
| 22 | | provisions of this Division to receive county moneys.
| 23 | | (Source: P.A. 86-962.)
| 24 | | (55 ILCS 5/3-11011) (from Ch. 34, par. 3-11011)
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| 1 | | Sec. 3-11011. Designation of active depository. Of the | 2 | | banks , or savings and loan associations , savings banks, or | 3 | | credit unions which may have been so designated as
| 4 | | depositories, one shall be designated from time to time by the | 5 | | county
treasurer as the active bank, depository , or savings and | 6 | | loan association , savings bank, or credit union
for a period of | 7 | | not more than one month at a time. The county board shall
have | 8 | | power, if it sees fit, to require that no bank , or savings and | 9 | | loan
association , savings bank, or credit union whose aggregate | 10 | | capital stock and surplus is less than a
certain specified | 11 | | amount shall be named as the active bank , or savings and
loan | 12 | | association , savings bank, or credit union . During such period | 13 | | the county treasurer shall draw all of
his checks to pay | 14 | | warrants and other demands drawn upon him upon such
active | 15 | | bank , or savings and loan association , savings bank, or credit | 16 | | union : Provided, however, that the
county treasurer shall have | 17 | | power to withdraw county moneys from any
depository for the | 18 | | purposes stated in Section 3-11010: And, provided,
further, | 19 | | that during such period drafts and checks against deposit of | 20 | | funds
designated by Section 3-11003 hereof as "Class A" funds | 21 | | and "Class B" funds
may be drawn upon other than the active | 22 | | bank , or savings and loan association , savings bank, or credit | 23 | | union .
| 24 | | (Source: P.A. 86-962.)
| 25 | | (55 ILCS 5/3-11013) (from Ch. 34, par. 3-11013)
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| 1 | | Sec. 3-11013. Annual report of interest received. The | 2 | | county
treasurer shall make to the county clerk an annual | 3 | | report, under oath, of
all interest received by the county | 4 | | treasurer or credited to the county
treasurer by any bank , or | 5 | | savings and loan association, savings bank, or credit union, in | 6 | | which is
deposited any county moneys, and at the time of making | 7 | | such report the
county treasurer shall pay into the county | 8 | | treasury for the benefit of the
county the aggregate amount of | 9 | | all interest so received by or credited to
him, as shown by | 10 | | said report. Such report shall show the name of each bank
or | 11 | | depository where any county moneys are deposited.
| 12 | | (Source: P.A. 86-962.)
| 13 | | (55 ILCS 5/3-11018) (from Ch. 34, par. 3-11018)
| 14 | | Sec. 3-11018. Payment of interest or fees on deposits. No | 15 | | bank , or
savings and loan association , savings bank, or credit | 16 | | union holding county moneys deposited therewith by
the county | 17 | | treasurer in accordance with the provisions in this Division, | 18 | | or
otherwise, and no officer of any such bank , or savings and | 19 | | loan association, savings bank, or credit union,
or other | 20 | | person, shall pay to, withhold for the benefit of, or contract | 21 | | in
any manner for the payment to such county treasurer, or to | 22 | | any other person
for him, of any interest or other fee, | 23 | | perquisite or emolument, on account
of the deposit of such | 24 | | county moneys, except such interest as shall be paid
to such | 25 | | county treasurer for the benefit of the county.
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| 1 | | (Source: P.A. 86-962.)
| 2 | | Section 99. Effective date. This Act takes effect upon | 3 | | becoming law.".
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