(40 ILCS 5/16-187)
(from Ch. 108 1/2, par. 16-187)
Custodian of fund - warrants and vouchers - audits.
(a) The State Treasurer is ex-officio custodian of the funds of the
retirement system. He or she may process
payments from the funds of the system for
the purposes herein specified upon warrants or direct deposit transmittals
of the State Comptroller.
Commencing January 1, 1987, the State Treasurer shall credit interest, at
current rates, for any monies directly held. Such interest shall be
calculated using an average daily cash basis.
He or she shall be liable on the Treasurer's
official bond for the proper performance of duties and be
held accountable for all cash and securities in his or her
custody. He or she shall keep books and
accounts in the manner prescribed by the board, and they shall always be
subject to the inspection of the board or any member thereof.
(b) The State Comptroller may draw warrants or prepare direct deposit
transmittals payable from the fund upon
the State Treasurer for the purposes herein provided upon the
presentation of vouchers approved by the secretary of
the board. The board shall file with the State Comptroller an attested
copy of a resolution designating such persons as his authority for making
payments upon such vouchers.
(c) At the end of each fiscal year, the board shall have the
accounts and records of the system audited by a person authorized to
practice public accounting under the laws of this state selected by the
Auditor General. Copies of all audits performed shall be filed with the
State Board of Education and the Auditor General.
(Source: P.A. 90-448, eff. 8-16-97.)