(70 ILCS 805/8b) (from Ch. 96 1/2, par. 6317)
Sec. 8b.
The board of commissioners of any forest preserve district
organized under this Act, when so requested by the treasurer of the
district, shall designate one or more banks or savings and loan associations
in which the
funds and moneys received by the treasurer, by virtue of his office, may be
deposited. When a bank or savings and loan association has been designated
as a depository it shall
continue as such until 10 days have elapsed after a new depository is
designated and is qualified by furnishing the statements of resources and
liabilities as is required by this Section. When a new depository is
designated, the board of commissioners shall notify the sureties of the
treasurer of that fact in writing at least 5 days before the transfer of
funds. The treasurer of the district shall be discharged from
responsibility for all funds and moneys deposited in a bank or depository,
so designated, while such funds and moneys 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.
Notwithstanding any provision of this Act or of any other law, each
official custodian of forest preserve district funds, including, without
limitation, each forest preserve district treasurer and each person
properly designated as custodian for funds held by an intergovernmental
risk management association or self-insurance pool composed solely of
participating park districts, forest preserve districts or park district
joint recreational programs, is permitted to (i) combine moneys from more
than one fund of a single forest preserve district, risk management
association or self-insurance pool for the purpose of investing such
moneys, (ii) enter into agreements of any definite or indefinite term
regarding the deposit, redeposit, investment, reinvestment or withdrawal of
forest preserve district, risk management association or self-insurance
pool funds and (iii) join with any custodians or treasurers of forest
preserve district, park district, Chicago Park District, park district
joint recreational program, risk management association or self-insurance
pool funds for the purpose of investing any forest preserve district, risk
management association or self-insurance pool funds in his custody. When
funds are combined for investment purposes as authorized herein, the moneys
combined for such purposes shall be accounted for separately in all
respects, and the earnings from such investments shall be separately and
individually computed and recorded, and credited to the fund, district,
park district joint recreational program, risk management association,
self-insurance pool or other entity, as the case may be, for which the
investment was acquired. The grant of authority contained in this Section
is cumulative and in addition to all other power or authority granted by any
other law and shall not be construed as a limitation of any power or
authority otherwise granted.
(Source: P.A. 85-460.)
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