Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 1930/55

(70 ILCS 1930/55)

Sec. 55. Deposit and withdrawal of funds; signatures.

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placed in the name of the Authority and shall be withdrawn or paid out only by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 Chair of the board.  Subject to prior
approval of the designations by a majority of the board, the Chair may
designate any other member or any officer of the Authority to affix the
signature of the Treasurer to any Authority 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 under Section 6 of the Public Funds Investment Act.

(Source: P.A. 95-122, eff. 8-13-07.)