Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

70 ILCS 1860/21

(70 ILCS 1860/21) (from Ch. 19, par. 304)

Sec. 21.

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in the name of the District and shall be withdrawn or paid out only by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 $2,500.00.

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.)