(70 ILCS 200/205-65)
Sec. 205-65.
Treasurer; deposit of funds.
The treasurer of the Peoria Civic Center Authority shall be the legal
custodian of all funds derived from the issuance of bonds provided for
under this Article and of all revenues derived from the operation
of any
project under this Article and of all other revenues from whatever
source
received. The treasurer shall keep all funds and monies belonging to the
Peoria Civic Center Authority in such places of deposit as may be
designated by resolution of the Board of Commissioners, provided, however,
that only a regularly organized State or national bank which is a member of
the Federal Deposit Insurance Corporation, or a savings and loan association
which is a member of the Federal Savings and Loan Insurance Corporation
may be designated as a
depository. When a bank or savings and loan association has been designated
as a depository it shall
continue as such depository until 10 days have elapsed after a
new
depository is designated and has qualified by furnishing the statements of
resources and liabilities as required by this Section. When a new
depository is designated, the Board of Commissioners shall notify the
surety of the treasurer of that fact, in writing, at least 5
days
before the transfer of funds. The treasurer shall be discharged from
responsibility for all funds or money which he deposits in a designated
bank or savings and loan association, while the funds and money are
so deposited. The treasurer may,
and at the direction of the Authority shall, invest all monies of the
Authority not needed within 30 days thereafter in direct or fully
guaranteed obligations of the United States Government or in certificates
of deposit of banks or savings and loan associations eligible as depositories
of funds of the Authority and
fully secured by such obligations.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of the Public Funds Investment Act.
(Source: P.A. 90-328, eff. 1-1-98.)
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