(70 ILCS 1807/130)
Sec. 130.
Deposits; checks or drafts.
(a) All funds deposited by the treasurer in any bank or savings and loan
association shall be placed in the name of the district and shall be withdrawn
or paid out
only by check or draft upon the bank or savings and loan association, signed by
the
treasurer and countersigned by the chairperson of the Board. The Board may
designate
any of its members or any officer or employee of the district to affix the
signature of
the chairperson and another to affix the signature of the treasurer to any
check or draft
for payment of salaries or wages and for payment of any other obligation of not
more
than $10,000.
No bank or savings and loan association shall receive public funds as
permitted
by this Section unless it has complied with the requirements established under
Section 6 of the Public Funds Investment Act.
(b) In case any officer whose signature appears upon any check or draft
issued
under this Act ceases to hold his or her office before the delivery of the
check or draft
to the payee, his or her signature nevertheless shall be valid and sufficient
for all
purposes with the same effect as if he or she had remained in office until
delivery of the
check or draft.
(Source: P.A. 93-262, eff. 7-22-03.)
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