60 ILCS 1/ Township Code.

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60 ILCS 1/70-10

(60 ILCS 1/70-10)

Sec. 70-10.

Depository for township moneys.

(a) The township board shall from time to time, when
requested by the supervisor, designate one or more banks or savings and
loan associations in which the funds and moneys of the township in the custody
of the supervisor shall be kept. When a bank or savings and loan association
has been designated as a depository, it shall continue as a depository until 10
days have elapsed after a new depository is designated and has qualified by
furnishing the statements of resources and liabilities required by Section 6 of
the Public Funds Investment Act.

(b) When a new depository is designated, the township board shall notify the
sureties of the supervisor of that fact, in writing, at least5 days before the
transfer of funds. The supervisor shall be discharged from responsibility for
all township funds and moneys which he or she deposits in a depository
designated under this Section while those funds and moneys are deposited.

(c) No bank or savings and loan association shall receive public
funds under this Section unless it has complied with Section 6 of the Public
Funds Investment Act.

(Source: P.A. 83-1362; 88-62.)

60 ILCS 1/70-15

(60 ILCS 1/70-15)

Sec. 70-15. Chief executive officer; fiscal duties; penalty for neglect.

(a) The supervisor is the chief executive officer of the township.

(b) The supervisor shall receive and pay out all moneys raised in the
township for defraying township charges, except those raised for the support of
highways and bridges, and for township library purposes.

(c) The supervisor shall, within 30 days before the annual township
meeting, prepare and file with the township clerk a full unaudited statement
of the financial affairs of the township, showing (i) the balance (if any)
received by the supervisor from his or her predecessor in office or from any
other source; (ii) the amount of tax levied the preceding year for the payment
of township indebtedness and charges; (iii) the amount collected and paid over
to the supervisor as supervisor; (iv) the amount paid out by the supervisor and
on what account, including any amount paid out on township indebtedness,
specifying the nature and amount of the township indebtedness, the amount paid
on the indebtedness, the amount paid on principal, and the amount paid on
interest account; and (v) the amount and kind of all outstanding indebtedness
due and unpaid, the amount and kind of indebtedness not yet due, and when the
indebtedness not yet due will mature. The township clerk shall record the
statement in the record book of the township as soon as it is filed and
shall post
a copy of the statement at the place of holding the annual township meeting 2
days before the meeting is held. The clerk shall also read aloud the unaudited statement or provide a copy of the unaudited statement
to the electors at the annual township meeting.

(d) Any supervisor or township clerk who wilfully neglects to comply with
this Section shall forfeit and pay to the township the sum of not less than $50
nor more than $200. The amount forfeited shall be sued for and recovered by the
township in its corporate name and shall be appropriated to repairs of highways
and bridges in the township.

(Source: P.A. 98-1108, eff. 1-1-15.)