(70 ILCS 1205/8-8) (from Ch. 105, par. 8-8)
Sec. 8-8.
Any park district, when so requested by its treasurer, shall
designate one or more banks or savings and loan associations in which
the funds of the
district 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 has qualified by furnishing the statements of resources
and liabilities required by this section. When a new depository is
designated, the district shall notify the sureties of its treasurer of that
fact, in writing, at least 5 days before the transfer of funds. Such
treasurer shall be discharged from responsibility for all such funds and
moneys deposited in a bank or savings and loan association,
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 park district funds, including, without limitation,
each park district treasurer and each person properly designated as the
official custodian for park district or joint recreational program funds,
including, without limitation, each person properly designated as official
custodian of funds for joint recreational programs established pursuant to
the provisions of Sections 8-10b and 8-18 of this Act 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 joint
recreational programs, is permitted to (i) combine moneys from more than
one fund of a single park district, joint recreational program, 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
park district, risk management association, self-insurance pool or joint
recreational program funds and (iii) join with any custodians or treasurers
of park district, Chicago Park District, joint recreational program, risk
management association, self-insurance pool or
forest preserve district funds for the purpose of investing any park
district, risk management association, self-insurance pool or joint
recreational program 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 investment shall be separately and individually computed
and recorded, and credited to the fund, 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 supplemental 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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