(35 ILCS 200/20-30)
Sec. 20-30.
Designation of depository for township collector.
When
requested by the township collector, the township board of trustees or, where
the powers and duties of that board have been succeeded to by some other
governing body, then that governing body, shall designate one or more banks or
savings and loan associations in which the funds received by the township
collector, by virtue of the office, may be deposited. Once a bank or savings
and loan association has been designated it shall continue as a designated
depository until 10 days after a new depository is designated and qualified
under this Section. When a new depository is designated, the township board of
trustees or other governing body shall notify the sureties of the township
collector of that fact, in writing, at least 5 days before the transfer of
funds. The township collector is discharged from responsibility for all funds
deposited in the bank or savings and loan association while those funds are so
deposited.
No bank or savings and loan association shall receive public funds under this
Section, unless it has complied with the requirements of Section 6 of the
Public Funds Investment Act.
(Source: P.A. 83-541; 88-455.)
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