HB4983 EngrossedLRB098 16589 JLK 51657 b



1    AN ACT concerning local government.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 






 
4    Section 5. The Township Code is amended  by changing Section 
570-10 as follows:
 



6    (60 ILCS 1/70-10)



7    Sec. 70-10. Depository for township moneys. 


8    (a) The township board shall from time to time, when

9requested by the supervisor, designate one or more banks or 
10savings and
loan associations in which the funds and moneys of 
11the township in the custody
of the supervisor shall be kept. In 
12addition to the supervisor, a co-signer shall be required on 
13all township accounts, withdrawals, and deposits. The 
14co-signer shall be designated by the township board by 
15resolution. When a bank or savings and loan association
has 
16been designated as a depository, it shall continue as a 
17depository until 10
days have elapsed after a new depository is 
18designated and has qualified by
furnishing the statements of 
19resources and liabilities required by Section 6 of
the Public 
20Funds Investment Act. 

21    (b) When a new depository is designated, the township board 
22shall notify the
sureties of the supervisor of that fact, in 
23writing, at least5 days before the
transfer of funds. The 
 
 
HB4983 Engrossed- 2 -LRB098 16589 JLK 51657 b

1supervisor shall be discharged from responsibility for
all 
2township funds and moneys which he or she deposits in a 
3depository
designated under this Section while those funds and 
4moneys are deposited.

5    (c) No bank or savings and loan association shall receive 
6public
funds under this Section unless it has complied with 
7Section 6 of the Public
Funds Investment Act.

8(Source: P.A. 83-1362; 88-62.)


 
9    Section 99. Effective date. This Act takes effect upon 
10becoming law.