(40 ILCS 5/5-210)
(from Ch. 108 1/2, par. 5-210)
Treasurer of fund.
The city treasurer of the city is the treasurer and custodian of the
fund and shall furnish to the board a bond of such amount as it designates.
The bond shall indemnify the board against any loss which may result from
any action or failure to act on the part of the treasurer and custodian or
any of his agents. All fees and charges incidental to the procuring of the
bond shall be paid by the board.
The treasurer shall deposit the moneys of the fund in one or more banks
or savings and loan associations
and in such amounts as the board may by resolution direct upon receiving an
indemnifying bond executed in favor of the board protecting the fund from
loss of any money so deposited. The bond shall be procured and paid for by
the board. The treasurer shall pay for out of the moneys of the fund, and
shall hold custody of, any and all securities ordered by the board to be
purchased. The treasurer shall deliver to the persons designated by the
board any and all securities ordered by the board to be sold, or ordered by
it to be deposited as collateral security for moneys borrowed by the board,
upon receiving notice from the secretary of the board in writing, under the
seal of the board, designating the person to whom the securities are to be
so delivered, and upon the receipt of payment or sales receipt therefor, in
the event such securities are ordered sold by the board, or of a
collateral-deposit receipt in the event such securities are ordered by the
board to be used as collateral for moneys to be borrowed by the board.
(Source: P.A. 83-541.)