(70 ILCS 2805/20) (from Ch. 42, par. 431)
Sec. 20.
The board of trustees of any sanitary district organized under the
provisions of this Act, shall designate one or more banks or savings and
loan associations
in which the funds and moneys of the sanitary district in the custody of
the treasurer or custodian of such district may be kept. When a bank has
been designated as a depositary it shall continue as such until ten days
have elapsed after a new depository is designated and has qualified by
furnishing the statements of resources and liabilities as is required by
this Act. When a new depository is designated, the board of trustees shall
notify the sureties of the treasurer or custodian of that fact, in writing,
at least five (5) days before the transfer of funds. The treasurer or
custodian shall be discharged from responsibility for all such funds and
moneys which he deposits in a depositary so designated while such funds and
moneys are so deposited.
(Source: P.A. 83-541.)
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