(70 ILCS 506/55)
Designation of depository.
The Authority shall biennially
designate a national or State bank or
banks as depositories of its money. Such depositories shall be designated only
within the State and upon
condition that bonds approved as to form and surety by the Authority and at
least equal in amount to the
maximum sum expected to be on deposit at any one time shall be first given by
such depositories to the
Authority, such bonds to be conditioned for the safe keeping and prompt
repayment of such deposits.
When any of the funds of the Authority shall be deposited by the treasurer in
any such depository, the
treasurer and the sureties on his or her official bond shall, to such extent, be
exempt from liability for the loss of
any such deposited funds by reason of the failure, bankruptcy, or any other act
or default of such depository;
provided that the Authority may accept assignments of collateral by any
depository of its funds to secure
such deposits to the same extent and conditioned in the same manner as
assignments of collateral are
permitted by law to secure deposits of the funds of any city.
(Source: P.A. 94-203, eff. 7-13-05.)