HB4983ham001 98TH GENERAL ASSEMBLY

Rep. Bill Mitchell

Filed: 4/2/2014

09800HB4983ham001 LRB098 16589 JLK 56965 a

AMENDMENT TO HOUSE BILL 4983

AMENDMENT NO. ______. Amend House Bill 4983 by replacing everything after the enacting clause with the following:

"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.".