(70 ILCS 1835/26) (from Ch. 19, par. 726)
Sec. 26.
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name of the District and shall be withdrawn or paid out only by check or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
chairman of the Board. Subject to prior approval of such designations by a
majority of the Board, the chairman may designate any other Board member or
any officer of the District to affix the signature of the chairman and the
treasurer may designate any other officer of the District 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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