(70 ILCS 1105/13) (from Ch. 85, par. 6813)
Sec. 13.
Funds of the district.
(a) The board of commissioners,
when requested by the treasurer of the district, shall designate one or
more banks or savings and loan associations where the funds of the district
received by the treasurer may be deposited. When a bank or savings and loan
association has been designated as a depository, it shall continue as a
depository until 10 days after a new depository is designated and is
qualified by furnishing the statements of resources and liabilities
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
while they are deposited in a designated bank or depository.
(b) A bank or savings and loan association shall not receive public
funds as provided in this Section unless it has complied with the
requirements of 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. 86-477.)
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