HB4983eng 98TH GENERAL ASSEMBLY

HB4983 Engrossed LRB098 16589 JLK 51657 b

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Township Code is amended by changing Section 70-10 as follows:

(60 ILCS 1/70-10)

Sec. 70-10. Depository for township moneys.

(a) The township board shall from time to time, when requested by the supervisor, designate one or more banks or savings and loan associations in which the funds and moneys of the township in the custody of the supervisor shall be kept. In addition to the supervisor, a co-signer shall be required on all township accounts, withdrawals, and deposits. The co-signer shall be designated by the township board by resolution. When a bank or savings and loan association has been designated as a depository, it shall continue as a depository until 10 days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities required by Section 6 of the Public Funds Investment Act.

(b) When a new depository is designated, the township board shall notify the sureties of the supervisor of that fact, in writing, at least5 days before the transfer of funds. The supervisor shall be discharged from responsibility for all township funds and moneys which he or she deposits in a depository designated under this Section while those funds and moneys are deposited.

(c) No bank or savings and loan association shall receive public funds under this Section unless it has complied with Section 6 of the Public Funds Investment Act.

(Source: P.A. 83-1362; 88-62.)

Section 99. Effective date. This Act takes effect upon becoming law.