(55 ILCS 5/3-11003) (from Ch. 34, par. 3-11003)
Sec. 3-11003. Classification of funds. For the purpose of
establishing a control over the withdrawal, in accordance with the
provisions of this Division, of all county moneys deposited in any bank,
savings and loan association, savings bank, or credit union, as hereinafter required, such moneys are
hereby classified as follows:
Class A. All taxes and special assessments received by the county
treasurer in his capacity as ex officio county collector or ex officio town
collector, and held by him pending distribution to the several governments
or authorities entitled to receive the same, shall be known as "Class A"
funds.
Class B. All other moneys belonging to the State of Illinois or to any
political or corporate subdivision thereof, except the county, shall be
known as "Class B" funds.
Class C. All moneys belonging to the county in its corporate capacity
shall be known as "Class C" funds.
Class D. All other county moneys as defined in Section 3-11001 shall
be known as "Class D" funds.
(Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11004) (from Ch. 34, par. 3-11004)
Sec. 3-11004. Deposits by county treasurer. It shall be the duty of
the county treasurer of such county to deposit daily, in separate accounts
in accordance with the classification set forth in Section 3-11003, to the
credit of the county treasurer of such county, in one or more banks,
savings and loan associations, savings banks, or credit unions as shall have been selected and designated
under the terms of this Division and as shall have complied with the
requirements thereof, all county moneys as defined in Section 3-11001,
received by him during banking hours, and also all such county moneys as he
may have received on the day previous after banking hours.
(Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11004.1) Sec. 3-11004.1. Posting requirements for uncashed checks. No later than 60 days after the effective date of this amendatory Act of the 96th General Assembly, for the purpose of assisting Cook County residents in reclaiming uncashed checks issued by Cook County, the Cook County Treasurer must post on the Cook County Treasurer's official website information related to uncashed checks issued in the regular course of county business to Cook County residents. The Cook County Treasurer must also post the procedure for a person to receive a replacement check. The checks must be for an amount of $5 or more. This Section applies only to a check that remains uncashed by the payee for no less than one year and no more than 5 years from its issue date. Cook County may not provide notice of uncashed checks in a manner inconsistent with the provisions of this Section. This Section is a limitation under subsection (i) of Section 6 of Article VII of the Illinois Constitution on the concurrent exercise by home rule units of powers and functions exercised by the State.
(Source: P.A. 96-1159, eff. 1-1-11.) |
(55 ILCS 5/3-11005) (from Ch. 34, par. 3-11005)
Sec. 3-11005.
Earnings from investments and deposits.
All earnings accruing on any investments or deposits made by
the County Treasurer whether acting as such or as County Collector,
of county monies as in Section 3-11001 is defined, shall be credited
to and paid into the County Treasury for the benefit of the county
corporate fund to be used for county purposes, except as provided
otherwise in the Local Governmental Tax Collection Act, and except
where by specific statutory provisions such earnings are directed
to be credited to and paid to a particular fund.
(Source: P.A. 86-962.)
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(55 ILCS 5/3-11006) (from Ch. 34, par. 3-11006)
Sec. 3-11006. Investment of county moneys; release of private
funds in custody of county treasurer. (a) All county moneys shall be invested in
one or more of the following: (1) interest-bearing savings accounts,
interest-bearing certificates of deposit or interest-bearing time deposits
constituting direct obligations of any bank as shall have been selected and
designated under the terms of this Division and as shall have
complied with the requirements thereof; (2) shares or other forms of
securities legally issuable by savings and loan associations incorporated
under the laws of this State or any other state or under the laws of the
United States, provided such shares or securities are insured by the
Federal Savings and Loan Insurance Corporation; (3) bonds, notes,
certificates of indebtedness, treasury bills or other securities now or
hereafter issued, which are guaranteed by the full faith and credit of the
United States of America as to principal and interest; (4) short term
discount obligations of the Federal National Mortgage Association; and (5) dividend-bearing share accounts, share certificate accounts, or class of share accounts of a credit union chartered under the laws of this State or the laws of the United States, provided the accounts of that credit union are insured by applicable law and the credit union's principal office is located within the State of Illinois. The
expressed judgment of the county treasurer as to the time when any county
moneys will be required for expenditure or be redeemable is final and
conclusive. Privately owned funds held in the custody of a county treasurer
must be released to the appropriate party at the earliest reasonable time,
but in no case exceeding 31 days, after the private party becomes entitled
to the receipt of them.
(b) In addition to any other investments or deposits authorized under this Code, all counties are authorized to invest county moneys in accordance with the Public Funds Investment Act. (Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11007) (from Ch. 34, par. 3-11007)
Sec. 3-11007. Monthly report of investments and deposits. On the twenty-eighth day of each month the county treasurer shall
publish a report disclosing the investments and deposits of county moneys
as of the first day of that month. The report shall list, under the name of
each bank, savings and loan association, savings bank, or credit union in which the county treasurer
maintains an account or investment, each separate account or investment
maintained in that institution, the amount of each such account or
investment, the rate of interest of each such account or investment, and
the term of maturity of each such account or investment. The report shall
also disclose the total cost and average rate of interest of all other
investments of county moneys. A copy of the report shall be transmitted to
each member of the county board, and the report shall be a public record.
(Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11008) (from Ch. 34, par. 3-11008)
Sec. 3-11008.
Withdrawals.
When county moneys have been deposited
in any such depository they shall be withdrawn therefrom only in the
following manner: Funds designated in Section 3-11003 as "Class A" funds
and as "Class B" funds shall be withdrawn only upon checks or drafts signed
by the County Treasurer and payable to the order of the State Treasurer or
the other proper authorities or persons entitled by law to receive the
same; funds designated in said Section 3-11003 as "Class C" funds shall be
withdrawn only upon checks or drafts signed by the county treasurer and
supported by warrants signed by the County Clerk and countersigned by the
president or chairman of the county board; funds designated in said Section
3-11003 as "Class D" funds shall be withdrawn only upon checks or drafts
signed by the County Treasurer and payable to persons entitled to receive
the same; Provided, however, that subject to the limitations hereinafter
set forth in Section 3-11011, the County Treasurer shall have the power to
withdraw such county moneys from any depository in the cases provided for
and under the circumstances stated in Sections 3-11009 and 3-11010, and,
provided further, that the provisions of this Division regarding the proper
payees of checks or drafts shall not be construed to obligate any
depository to investigate or determine the right of any payee to receive
payment or any check or draft of the County Treasurer.
(Source: P.A. 86-962.)
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(55 ILCS 5/3-11009) (from Ch. 34, par. 3-11009)
Sec. 3-11009. Petty cash fund. For the purpose of enabling the county
treasurer to pay in cash such warrants and other demands as may be
presented to him for payment in cash, he is hereby authorized to withhold
from the daily deposit of funds required of him under Section 3-11004, or
to withdraw from the one or more banks, savings and loan associations, savings banks, or credit unions
holding such county moneys on deposit, upon check or draft payable
to his own order as county treasurer, such amounts as will enable him to
maintain a petty cash fund sufficient to meet the daily demand for the
purpose herein indicated: Provided, however, that the amount of said petty
cash fund shall at no time exceed the sum of $5,000 in counties having
fewer than 1,000,000 inhabitants or the sum of $200,000 in counties having
1,000,000 or more inhabitants. The county treasurer shall keep proper
records of such petty cash fund, showing the amounts so withheld or
withdrawn by him daily and the amounts paid out by him in cash from day to
day. Such records shall be open to the inspection of all persons wishing to
examine the same.
(Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11010) (from Ch. 34, par. 3-11010)
Sec. 3-11010. Equalization and transfer of deposits. For the
purpose of facilitating the equalization or apportionment of the amount of
the balances on deposit with the several depositories and the speedy
transfer of money from one depository to another in case of
necessity, the county treasurer is hereby authorized to draw checks or
drafts against any deposit made by him under the terms of this Division.
Each draft or check so drawn shall be payable to the order of the
county treasurer, and shall indicate upon its face that it is drawn only
for deposit in a bank, savings and loan association, savings bank, or credit union authorized under the
provisions of this Division to receive county moneys.
(Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11011) (from Ch. 34, par. 3-11011)
Sec. 3-11011. Designation of active depository. Of the banks, savings and loan associations, savings banks, or credit unions which may have been so designated as
depositories, one shall be designated from time to time by the county
treasurer as the active bank, depository, savings and loan association, savings bank, or credit union
for a period of not more than one month at a time. The county board shall
have power, if it sees fit, to require that no bank, savings and loan
association, savings bank, or credit union whose aggregate capital stock and surplus is less than a
certain specified amount shall be named as the active bank, savings and
loan association, savings bank, or credit union. During such period the county treasurer shall draw all of
his checks to pay warrants and other demands drawn upon him upon such
active bank, savings and loan association, savings bank, or credit union: Provided, however, that the
county treasurer shall have power to withdraw county moneys from any
depository for the purposes stated in Section 3-11010: And, provided,
further, that during such period drafts and checks against deposit of funds
designated by Section 3-11003 hereof as "Class A" funds and "Class B" funds
may be drawn upon other than the active bank, savings and loan association, savings bank, or credit union.
(Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11012) (from Ch. 34, par. 3-11012)
Sec. 3-11012.
Record of deposits.
The county treasurer shall keep in
his office a record showing the date and aggregate amount received by him
daily on account of each class of funds designated in Section 3-11003, and
also his accounts with each depository, which accounts shall show daily the
date and amount of each deposit, the date and amount of each withdrawal,
and the balance on deposit. Each such account shall also show the date and
amount of each interest payment received by or credited to the county
treasurer and the rate of interest at which such payment was computed. Said
record and all contracts with depositories shall be open to the inspection
of all persons wishing to examine the same.
(Source: P.A. 86-962.)
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(55 ILCS 5/3-11013) (from Ch. 34, par. 3-11013)
Sec. 3-11013. Annual report of interest received. The county
treasurer shall make to the county clerk an annual report, under oath, of
all interest received by the county treasurer or credited to the county
treasurer by any bank, savings and loan association, savings bank, or credit union, in which is
deposited any county moneys, and at the time of making such report the
county treasurer shall pay into the county treasury for the benefit of the
county the aggregate amount of all interest so received by or credited to
him, as shown by said report. Such report shall show the name of each bank
or depository where any county moneys are deposited.
(Source: P.A. 97-129, eff. 7-14-11.)
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(55 ILCS 5/3-11014) (from Ch. 34, par. 3-11014)
Sec. 3-11014.
Cost of bonds to be paid by county.
The premium
on all bonds required of the county treasurer in any official capacity by
the provisions of this Division if the surety thereon shall be a surety
company or companies authorized to do business in this State under the laws
thereof, shall be paid out of the county treasury: Provided, however, that
the amount of said premium shall not exceed one-half of one per cent per
annum of the amount of said bond.
(Source: P.A. 86-962.)
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(55 ILCS 5/3-11015) (from Ch. 34, par. 3-11015)
Sec. 3-11015.
Liability of treasurer.
The county treasurer shall be
discharged from responsibility for all moneys deposited by him pursuant to
the terms of this Division, with any depository or depositories
who may be named and shall qualify in accordance with the terms thereof:
Provided, that nothing in this Division contained shall be
construed in any manner to change or affect the liability of treasurers
having depositories under and in accordance with the terms of this
Division, except that such treasurers shall be discharged from
liability for moneys so deposited by them in such depositories while such
moneys so deposited are in the custody of any such depository.
(Source: P.A. 86-962.)
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