20 ILCS 3820/35

(20 ILCS 3820/35)

Sec. 35.

Secretary; treasurer; funds.

(a) The Authority shall appoint a secretary and treasurer, who may
be a member or members of the Authority, to hold office at the pleasure
of the Authority.  Before entering upon the duties of the respective
offices, the person or persons shall take and subscribe to the
constitutional oath of office, and the treasurer shall execute a bond with
corporate sureties to be approved by the Authority. The bond shall be
payable to the Authority in whatever penal sum may be directed by the
Authority, conditioned upon the faithful performance of the duties of the
office and the payment of all money received by him or her according to
law and the orders of the Authority.  The Authority may, at any time,
require a new bond from the treasurer in such penal sum as may then be
determined by the Authority.  The obligation of the sureties shall not
extend to any loss sustained by the insolvency, failure, or closing of any
savings and loan association or national or state bank wherein the
treasurer has deposited funds if the bank or savings and loan association
has been approved by the Authority as a depository for these funds.  The
oaths of office and the treasurer's bond shall be filed in the principal
office of the Authority.

(b) All funds of the Authority, including without limitation (i) grants
or loans from the federal government, the State, or any agency or
instrumentality of the State or federal government, (ii) fees, service charges,
interest, or other
investment earnings on its funds, (iii) payments of principal of and interest
on loans of its funds, and (iv) revenue from any other source, except funds
the application of which is otherwise specifically provided for by
appropriation, resolution, grant agreement, lease agreement, loan
agreement, indenture, mortgage, trust agreement, or other agreement,
may be held by the Authority in its treasury and be generally available
for expenditure by the Authority for any of the purposes authorized by
this Act.

(c) In addition to investments authorized by Section 2 of the Public
Funds Investment Act, funds of the Authority may be invested in (i)
obligations issued by any state, unit of local government, or school
district, which obligations are rated at the time of purchase by a national
rating service within the 2 highest rating classifications without regard to
any rating refinement or gradation by numerical or other modifier, or (ii)
equity securities of an investment company registered under the federal
Investment Company Act of 1940 whose sole assets, other than cash
and other temporary investments, are obligations that are eligible
investments for the Authority, provided that not more than 20% of the
assets of the investment company may consist of unrated obligations of
the type described in clause (i) of this subsection (c) that the board of
directors of the investment company has determined to be of comparable
quality to rated obligations described in clause (i) of this subsection (c).

(d) Moneys appropriated by the General Assembly to the Authority
shall be held in the State treasury unless the Act making the
appropriation specifically states that the moneys are appropriated to the
Authority's treasury.  Such funds as are authorized to be held in the
Authority's treasury, deposited in any bank or savings and loan
association, and placed in the name of the Authority 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
Chairperson of the Authority.  The Authority may designate any of its
members or any officer or employee of the Authority to affix the signature
of the Chairperson and may designate another to affix the signature of the
treasurer to
any check or draft for payment of salaries or wages and for payment of
any other obligations of not more than $2,500.  In case any person whose
signature appears upon any check or draft, issued pursuant to this Act,
ceases to hold his or her office before the delivery of the check or draft to
the payee,
the signature nevertheless shall be valid and sufficient for all
purposes with the same effect as if the person had remained in office until
delivery of the check or draft.  A bank or savings and loan association may not
receive
public funds as permitted by this Section unless it has complied with
the requirements established pursuant to Section 6 of the Public Funds
Investment Act.

(Source: P.A. 92-864, eff. 6-1-03.)