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| Public Act 104-0206 | ||||
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AN ACT concerning local government. | ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly: | ||||
Section 5. The America's Central Port District Act is | ||||
amended by changing Sections 7.5, 21, and 25 as follows: | ||||
(70 ILCS 1860/7.5) | ||||
Sec. 7.5. Authorization to borrow moneys. The District's | ||||
Board may borrow money from any governmental agency, bank, or | ||||
other financial institution and may provide appropriate | ||||
security for that borrowing, if the money is repaid within 20 | ||||
years after the money is borrowed. "Financial institution" has | ||||
the meaning given in Section 8-1-3.1 of the Illinois Municipal | ||||
Code means any bank subject to the Illinois Banking Act, any | ||||
savings and loan association subject to the Illinois Savings | ||||
and Loan Act of 1985, any savings bank subject to the Savings | ||||
Bank Act, and any federally chartered commercial bank or | ||||
savings and loan association organized and operated in this | ||||
State pursuant to the laws of the United States. | ||||
(Source: P.A. 98-854, eff. 1-1-15.) | ||||
(70 ILCS 1860/21) (from Ch. 19, par. 304) | ||||
Sec. 21. All funds deposited by the treasurer in any bank | ||||
or savings and loan association shall be placed in the name of | ||||
the District and shall be withdrawn or paid out only by check | ||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 chairman of the | ||
Board, or by Automated Clearing House transaction or other | ||
electronic means. Subject to prior approval of such | ||
designations by a majority of the Board, the chairman may | ||
designate any other Board member or any officer of the | ||
District to affix the signature of the chairman and the | ||
treasurer may designate any other officer of the District 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 $2,500.00. | ||
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 the | ||
Public Funds Investment Act 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.) | ||
(70 ILCS 1860/25) (from Ch. 19, par. 308) | ||
Sec. 25. Within 9 months after 60 days after the end of | ||
each fiscal year, the Board shall cause an independent auditor | ||
to prepare and print to be prepared and printed a complete and | ||
detailed report and financial statement of the operations and | ||
assets and liabilities of the Port District. A reasonably | ||
sufficient number of copies of such report shall be printed | ||
for distribution to persons interested, upon request, and a | ||
copy of the report thereof shall be filed with the Governor and | ||
the county clerks and the presiding officers of the county | ||
boards of Madison and Jersey Counties. A copy of such report or | ||
a summary of the report shall be addressed and submitted to and | ||
mailed to the Mayor or ranking official and city council or | ||
president and board of trustees of each municipality within | ||
the area of the District. | ||
(Source: P.A. 98-854, eff. 1-1-15.) | ||