(55 ILCS 5/5-31007) (from Ch. 34, par. 5-31007)
Sec. 5-31007.
Funds.
The board of any museum district, when
requested by the treasurer, shall designate a bank, banks or other
depository in which the funds received by the treasurer may be placed.
Each designated depository shall furnish the museum district with
a copy of all statements of resources and liabilities which it is required
to furnish to the Commissioner of Banks and Real Estate
or to the Comptroller of the Currency. No bank is qualified to receive museum
district funds until it has furnished the museum district with copies of the 2
most recent statements.
The treasurer of the museum district shall be discharged from responsibility
for all funds while they are in a designated bank or
depository, except that the amount of such deposits shall not exceed 75%
of the capital stock and surplus of such bank or depository. The treasurer
shall not be discharged from responsibility for any funds deposited
in excess of such limitation.
When a bank has been designated as a depository it shall continue as such
until 10 days after a new depository is designated and is qualified.
When a new depository is designated, the museum district shall notify the
sureties of the treasurer of that fact in writing at least 5 days before
the transfer of funds.
(Source: P.A. 89-508, eff. 7-3-96.)
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