Section 8100.1701  Place of Deposit

Each independent escrowee shall:

a)         instead of physical delivery of the Bonds to the Department, place the required deposit in the custody of any trust company or bank located in this State and qualified to do business under the Corporate Fiduciary Act, (Ill. Rev. Stat. 1987, ch. 17, par. 1551-1 et seq.) as now and hereafter amended ("Depository Institution");

b)         execute and deliver to the Department, a Pledgor/Pledgee Authorization form for filing with the Depository Institution; and

c)         file with the Department a true and correct copy of the safekeeping certificate issued by the Depository Institution setting forth the amount of and description of the Bonds on deposit.