(65 ILCS 20/21-9) (from Ch. 24, par. 21-9)
Sec. 21-9.
Deposit of funds - Bids - Designation of banks or savings
and loan associations.
It shall be the duty of the comptroller at least once in each year
before the first day of December to advertise for bids from savings and
loan associations or national and
State banks for interest upon the money of the city to be deposited in
banks or savings and loan associations. Such bids shall be reported
to the city council for its
information and consideration not later than the fifteenth day of
December of each year, to the end that an award or awards may be made
upon such bids by the city council before the beginning of each fiscal
year. Such awards shall be made to the highest and best responsible
bidder or bidders. The city council shall have the power to reject all
bids and to designate as many depositaries as it deems necessary for the
protection of the city's interests. Only a savings and loan association
or a regularly organized State or
national bank may be designated as a depositary. The city council shall
have power to pass all necessary ordinances to carry the foregoing
provisions into effect and provide rules applicable thereto. The city
treasurer shall be discharged from responsibility for all moneys
deposited by him in any bank or saving and loan association designated
as a depositary by order or
ordinance of the city council. When money is once deposited in such
depositary or depositaries, no check or draft shall be drawn against
such deposit without a warrant to the city treasurer signed by the mayor
and countersigned by the comptroller.
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.)
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