(70 ILCS 530/11)
(from Ch. 85, par. 7161)
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
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. 86-1024.)