Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(55 ILCS 5/3-10009)
(from Ch. 34, par. 3-10009)
Deposit of public funds.
(a) In counties having a
population of less than 150,000 the county board, when requested by the
county treasurer, shall designate one or more banks, savings and loan
associations, savings banks, or credit unions in which the funds and other public moneys in the custody of
the county treasurer may be kept and when a bank, savings and loan
association, savings bank, or credit union has been designated as a depository it shall continue as such
until 10 days have elapsed after a new depository is designated and has
qualified by furnishing the statements of resources and liabilities as is
required by this Section. When a new depository is designated, the county
board shall notify the sureties of the county treasurer of that fact, in
writing, at least 5 days before the transfer of funds. The county treasurer
shall be discharged from responsibility for all funds and moneys which he
deposits in a depository so designated while such funds and moneys are
No bank, savings and loan association, savings bank, or credit union 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
(b) In addition to any other investments or deposits authorized under this Code, counties are authorized to invest the funds and public moneys in the custody of the County Treasurer in accordance with the Public Funds Investment Act.
(Source: P.A. 97-129, eff. 7-14-11.)