(70 ILCS 1830/40) (from Ch. 19, par. 540)
Sec. 40.
All funds deposited by the treasurer in any bank or savings
and loan association shall be placed
in the name of the Port District and shall be withdrawn or paid out only by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 chairman 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
chairman 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 $2,500.
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.
(Source: P.A. 83-541.)
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