(40 ILCS 5/14-137) (from Ch. 108 1/2, par. 14-137)
Sec. 14-137.
Treasurer.
The Treasurer of the State of Illinois shall
be, ex-officio, the
treasurer of the system. He shall:
(a) act as official custodian of the cash and securities belonging
to the system and provide adequate safe deposit facilities for their
preservation and hold such cash and securities subject to the order of
the board; (b) receive all items of cash belonging to the system, as the
same are transmitted by the Executive Secretary of the system, including member
contributions, State contributions, interest and principal payments on
investments and other income accruing to the system, and deposit all
such amounts in a special trust fund for the account of this system, and
submit a monthly report to the board of all such transactions; (c) make
payments for purposes specified in this Article upon warrants or direct
deposit transmittals of the
State Comptroller issued in accordance with vouchers signed by the
Executive Secretary pursuant to authorization of the board.
The treasurer shall furnish a corporate surety bond, acceptable to
the board in the penal sum of $50,000, conditioned for the faithful
discharge of his duties, and to deliver up all moneys, securities,
papers, books, records and other property appertaining to his office as
treasurer of the system, whole, safe and undefaced, to his successor in
office. Whenever the board deems the amount of the bond insufficient, it
may require an increase to a penal sum not to exceed $100,000. All
reasonable charges incidental to the procuring and giving of such bond
shall be paid by the board.
Any cash accruing to the special trust fund of the system not required for
current operating expenditures shall upon direction by the Executive Secretary
be transferred immediately to the said Illinois
State Board of Investment for purposes of permanent investment for the system.
Until such transfer is made, those funds shall be invested temporarily
by the Treasurer on behalf of the system and interest earned thereon shall
be credited to the trust fund of the system.
(Source: P.A. 82-391.)
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