(70 ILCS 810/16) (from Ch. 96 1/2, par. 6419)
Sec. 16.
The board of any forest preserve district, when so requested
by the treasurer of the district, shall designate one or more banks or
savings and loan associations
in which the funds and moneys received by the treasurer, by virtue of his
office, may be deposited. When a bank or savings and loan association
has been designated as a depository it
shall continue as such until 10 days have elapsed after a new depository
is designated and is qualified by furnishing the statements of resources
and liabilities as is required by this Section. When a new depository is
designated, the board shall notify the sureties of the
treasurer of that fact in writing at least 5 days before the transfer of
funds. The treasurer of the district shall be discharged from
responsibility for all funds and moneys deposited in a bank or savings
and loan association, so designated, while such funds and moneys are so deposited.
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 "An Act relating to certain investments of public
funds by public agencies", approved July 23, 1943, as now or hereafter amended.
Notwithstanding any provision of this Act or of any other law, each
official custodian of forest preserve district funds, including, without
limitation, each forest preserve district treasurer and each person
properly designated as custodian for funds held by an intergovernmental
risk management association or self-insurance pool composed solely of
participating park districts, forest preserve districts or park district
joint recreational programs, is permitted to (i) combine moneys from more
than one fund of a single forest preserve district, risk management
association or self-insurance pool for the purpose of investing such
moneys, (ii) enter into agreements of any definite or indefinite term
regarding the deposit, redeposit, investment, reinvestment or withdrawal of
forest preserve district, risk management association or self-insurance
pool funds and (iii) join with any custodians or treasurers of forest
preserve district, park district, Chicago Park District, park district
joint recreational program, risk management association or self-insurance
pool funds for the purpose of investing any forest preserve district, risk
management association or self-insurance pool funds in his custody. When
funds are combined for investment purposes as authorized
herein, the moneys combined for such purposes shall be accounted for
separately in all respects, and the earnings from such investments shall be
separately and individually computed and recorded, and credited to the
fund, district, park district joint recreational program, risk management
association, self-insurance pool or other entity, as the case may be, for
which the investment was acquired. The grant of authority contained in
this Section is cumulative and in addition to all other power or authority
granted by any other law and shall not be construed as a limitation of any
power or authority otherwise granted.
(Source: P.A. 85-460.)
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