HB4983 EngrossedLRB098 16589 JLK 51657 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Township Code is amended by changing Section
570-10 as follows:
 
6    (60 ILCS 1/70-10)
7    Sec. 70-10. Depository for township moneys.
8    (a) The township board shall from time to time, when
9requested by the supervisor, designate one or more banks or
10savings and loan associations in which the funds and moneys of
11the township in the custody of the supervisor shall be kept. In
12addition to the supervisor, a co-signer shall be required on
13all township accounts, withdrawals, and deposits. The
14co-signer shall be designated by the township board by
15resolution. When a bank or savings and loan association has
16been designated as a depository, it shall continue as a
17depository until 10 days have elapsed after a new depository is
18designated and has qualified by furnishing the statements of
19resources and liabilities required by Section 6 of the Public
20Funds Investment Act.
21    (b) When a new depository is designated, the township board
22shall notify the sureties of the supervisor of that fact, in
23writing, at least5 days before the transfer of funds. The

 

 

HB4983 Engrossed- 2 -LRB098 16589 JLK 51657 b

1supervisor shall be discharged from responsibility for all
2township funds and moneys which he or she deposits in a
3depository designated under this Section while those funds and
4moneys are deposited.
5    (c) No bank or savings and loan association shall receive
6public funds under this Section unless it has complied with
7Section 6 of the Public Funds Investment Act.
8(Source: P.A. 83-1362; 88-62.)
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.