(70 ILCS 2905/5-5)
(from Ch. 42, par. 505-5)
The board of any sanitary district organized under this Act, when so
requested by the treasurer of the district, shall designate one or more
banks or savings and loan associations in which the funds and moneys received by the
treasurer, by virtue of his office, may be deposited. When a bank or savings
and loan association has been
designated as a depository it shall continue as such until ten days have
elapsed after a new depository is designated and is qualified by furnishing
the statements of resources and liabilities as is required by this Section.
When a new depository is designated, the board shall notify the sureties of
the treasurer of that fact, in writing, at least 5 days before the transfer
of funds. The treasurer of the district shall be discharged from
responsibility for all funds and moneys deposited in a bank or depository,
so designated, while such funds and moneys are so deposited.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments of public
funds by public agencies", approved July 23, 1943, as now or hereafter amended.
(Source: P.A. 83-541.)