(50 ILCS 20/11) (from Ch. 85, par. 1041)
Sec. 11.
The Treasurer of a Public Building Commission shall be the legal
custodian of all funds derived from the issuance of bonds provided for
under this Act and of all revenues derived from the operation of any
project under this Act and of all other revenues from whatever source
received. The Treasurer shall keep all funds and monies belonging to the
Public Building Commission in such places of deposit as may be designated
by resolution of the Board of Commissioners, provided, however, that only a
savings and loan association or a regularly organized State or national
bank may be designated as a
depository. When a bank or savings and loan association has been designated
as a depository it shall
continue as such depository until ten (10) days have elapsed after a new
depository is designated and has qualified by furnishing the statements of
resources and liabilities as required by this Section. When a new
depository is designated, the Board of Commissioners shall notify the
surety of the Treasurer of that fact, in writing, at least five (5) days
before the transfer of funds. The Treasurer shall be discharged from
responsibility for all funds or money which he deposits in a designated
bank or savings and loan association while the funds and money are so
deposited.
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.)
|