(65 ILCS 5/11-48.3-18) (from Ch. 24, par. 11-48.3-18)
Sec. 11-48.3-18.
Regular meetings of the Board shall be held at least
once in each calendar month, the time and place of such meetings to be
fixed by the Board. Five members of the Board shall constitute a quorum for
the transaction of business. All action of the Board shall be by ordinance
or resolution and the affirmative vote of at least 5 members shall be
necessary for the adoption of any ordinance or resolution. All such
ordinances and resolutions before taking effect shall be approved by the
chairperson of the Board, and if the chairperson shall approve thereof he
or she shall sign the same, and such as the chairperson shall not approve
he or she shall return to the Board with his or her objections thereto in
writing at the next regular meeting of the Board occurring after the
passage thereof. But in case the chairperson shall fail to return any
ordinance or resolution with his or her objections thereto by the time
aforesaid, the chairperson shall be deemed to have approved the same and it
shall take effect accordingly. Upon the return of any ordinance or
resolution by the chairperson with his or her objections, the vote by
which the same was passed shall be reconsidered by the Board, and if
upon such reconsideration said ordinance or resolution is passed by the
affirmative vote of at least 6 members, it shall go into effect
notwithstanding the veto of the chairperson. All ordinances, resolutions
and all proceedings of the Authority and all documents and records in
its possession shall be public records and open to public inspection,
except such documents and records as shall be kept or prepared by the
Board for use in negotiations, actions or proceedings to which the
Authority is a party.
(Source: P.A. 86-279.)
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(65 ILCS 5/11-48.3-19) (from Ch. 24, par. 11-48.3-19)
Sec. 11-48.3-19.
The Board shall appoint a secretary and a treasurer,
who need not be members of the Board, to hold office during the pleasure of
the Board, and fix their duties and compensation. Before entering upon the
duties of their respective offices they shall take and subscribe the
constitutional oath of office, and the treasurer shall execute a bond with
corporate sureties to be approved by the Board. The bond shall be payable
to the Authority in whatever penal sum may be directed upon the faithful
performance of the duties of the office and the payment of all money
received by him or her according to law and the orders of the Board. The
Board may, at any time, require a new bond from the treasurer in such penal
sum as may then be determined by the Board. The obligation of the sureties
shall not extend to any loss sustained by the insolvency, failure or
closing of any savings and loan association or national or State bank
wherein the treasurer has deposited funds if the bank or savings
and loan association has been approved by the Board as a depository for
these funds. The oaths of office and the treasurer's bond shall be filed in
the principal office of the Authority.
(Source: P.A. 86-279.)
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(65 ILCS 5/11-48.3-20) (from Ch. 24, par. 11-48.3-20)
Sec. 11-48.3-20.
All funds deposited by the treasurer in any bank or
savings and loan association shall be placed in the name of the Authority
and shall be withdrawn or paid out only by check or draft upon the bank or
savings and loan association, signed by the treasurer and countersigned by
the chairperson of the Board. The Board may designate any of its members or
any officer or employee of the Authority to affix the signature of the
chairperson and another to affix the signature of the treasurer to any
check or draft for payment of salaries or wages and for payment of any
other obligation of not more than $2,500.
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. 86-279.)
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(65 ILCS 5/11-48.3-21) (from Ch. 24, par. 11-48.3-21)
Sec. 11-48.3-21.
In case any officer whose signature appears upon any
check or draft, issued pursuant to this Act, ceases (after attaching his or
her signature) to hold office before the delivery thereof to the payee, his
or her signature nevertheless shall be valid and sufficient for all
purposes with the same effect as if he or she had remained in office until
delivery thereof.
(Source: P.A. 86-279.)
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