(70 ILCS 1905/11) (from Ch. 114, par. 371)
Sec. 11.
Treasurer - Depositary of funds.
The Treasurer of a Railroad Terminal Authority shall be the legal
custodian of all funds derived from the issuance of bonds provided for
under this Act and all revenues derived from the operation of any project
under this Act and of all other revenues from whatever source received. The
Treasurer shall keep all funds and moneys belonging to the Railroad
Terminal Authority in such places of deposit as may be designated by
resolution of the Board, provided, however, that only a savings and loan
association or a regularly organized
State or national bank may be designated as a depositary. When a bank or
savings and loan association has
been designated as a depositary it shall continue as such depositary until
ten (10) days have elapsed after a new depositary is designated and has
qualified by furnishing the statements of resources and liabilities as
required by this Section. When a new depositary is designated, the Board of
Commissioners shall notify the surety of the Treasurer of that fact, in
writing, at least five (5) days before the transfer of funds. The Treasurer
shall be discharged from responsibility for all funds or money which he
deposits in a designated bank or savings and loan association while
the funds and money 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.
(Source: P.A. 83-541.)
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