(105 ILCS 5/4-11)
(from Ch. 122, par. 4-11)
The county board, when requested by the county superintendent of
schools, shall designate one or more banks or savings and loan associations
in which the
funds and moneys received by him 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 10 days have elapsed after a new depository is designated and
qualified by furnishing the statement of resources and liabilities required
by this Section. When a new depository is designated, the county board
shall notify the sureties of the county superintendent of that fact, in
writing, at least 5 days before the transfer of funds. The county
superintendent of schools shall be discharged from responsibility for all
funds and moneys deposited in the banks or savings and loan association
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.)