(60 ILCS 1/70-10)
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. 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.)