(70 ILCS 520/11) (from Ch. 85, par. 6161)
Sec. 11.
The Authority shall biennially designate a national or State
bank or banks as depositories of its money. Such depositories shall be
designated only within the State and upon condition that bonds approved as
to form and surety by the Authority and at least equal in amount to the
maximum sum expected to be on deposit at any one time shall be first given
by such depositories to the Authority, such bonds to be conditioned for the
safe keeping and prompt repayment of such deposits. When any of the funds
of the Authority shall be deposited by the treasurer in any such
depository, the treasurer and the sureties on his official bond shall, to
such extent, be exempt from liability for the loss of any such deposited
funds by reason of the failure, bankruptcy or any other act or default of
such depository; provided that the Authority may accept assignments of
collateral by any depository of its funds to secure such deposits to the
same extent and conditioned in the same manner as assignments of collateral
are permitted by law to secure deposits of the funds of any city.
(Source: P.A. 85-591.)
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