Illinois General Assembly - Illinois Compiled Statutes

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 Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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.

105 ILCS 5/8-5

(105 ILCS 5/8-5) (from Ch. 122, par. 8-5)

Sec. 8-5.

Books and accounts.

(a) The township treasurer shall be provided by the trustees of schools
with a cash book, a loan book, a district account book, and a journal.
In the cash book he shall enter in separate accounts all moneys received
and paid out, with the amount, date, from whom, to whom and on what
account received or paid out; or, if loaned, the date, to whom, and the
amount. Moneys received shall be charged to debit account, and moneys
paid out shall be credited as follows: First, to the principal of the
township fund; second, to the interest of the township fund; third, to
the common school fund and other funds; fourth, to the taxes received
from the county or town collector, and for what districts received;
fifth, donations; sixth, moneys coming from all other sources; in all
cases entering the date when received, and when paid out.

In the loan book he shall enter a record of all school funds loaned,
with the amount to whom, date, time, when due, and the rate of interest,
the interest paid, and a description of the securities.

In the district account book he shall post from the cash book all
receipts and expenditures on account of any district, with the amount,
date, from or to whom, and from what sources and for what purposes.

In the journal he shall record at length the acts and proceedings of
the trustees of schools, their orders, by-laws and resolutions.

The township treasurer shall keep his accounts in the manner directed
by the State Board of Education, the regional superintendent
of schools or the trustees of schools; and they shall be subject at all
times to the inspection of the trustees, the directors or school board
members or other persons authorized by this Act or of any committee
appointed by the voters of the township at the election of
trustees to examine them.

(b) Concurrently with the abolition of the offices of township
treasurer and trustee of schools of a township as provided in subsection
(c) of Section 5-1, the former township treasurer whose office has been so
abolished shall surrender to the school treasurer of each school district
served by that township treasurer at the time that office is abolished the
district account book theretofore maintained for that school district by
the former township treasurer, and in addition shall surrender to the
regional board of school trustees the cash books, loan books and journals
referred to in subsection (a) of this Section 8-5; provided that the school
board and school treasurer of each such school district, the State Board of
Education, the regional superintendent and such other persons as may be
authorized by law shall have the right, at all reasonable times, to
inspect, and to copy or otherwise reproduce any portions of the cash books,
loan books and journals surrendered by the former township treasurer to the
regional board of school trustees as required by this subsection.

(Source: P.A. 87-473.)