(605 ILCS 5/6-206) (from Ch. 121, par. 6-206)
Sec. 6-206.
In counties under township organization, the board of town
trustees of the various townships shall, from time to time, when requested
by the supervisor of their respective townships designate one or more banks
or savings and loan associations in which the road funds of the road district in the
custody of the district treasurer may be kept, except that in consolidated
township road districts such depository shall be designated by the highway
board of trustees upon request of the treasurer of the respective
consolidated township road district.
In counties not under township organization the county board shall, from
time to time, when requested by the treasurer of any road district,
designate one or more banks or savings and loan associations in which the road funds of
the various road districts in such county may be kept.
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 the new depository is designated and
has qualified by furnishing the statements of resources and liabilities as
is required in this Section. When a new depository is designated the board
of town trustees, highway board of trustees
or county board, as the case
may be, shall notify the sureties of the district treasurer of that fact,
in writing, at least 5 days before the transfer of fund. The district
treasurer shall be discharged from responsibility for all moneys of the
road fund which he deposits in a depository so designated while such 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.
(Source: P.A. 83-541.)
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