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| 1 | AMENDMENT TO HOUSE BILL 4983
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| 2 | AMENDMENT NO. ______. Amend House Bill 4983 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Township Code is amended by changing | ||||||
| 5 | Section 70-10 as follows:
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| 6 | (60 ILCS 1/70-10)
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| 7 | Sec. 70-10. Depository for township moneys.
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| 8 | (a) The township board shall from time to time, when
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| 9 | requested by the supervisor, designate one or more banks or | ||||||
| 10 | savings and
loan associations in which the funds and moneys of | ||||||
| 11 | the township in the custody
of the supervisor shall be kept. In | ||||||
| 12 | addition to the supervisor, a co-signer shall be required on | ||||||
| 13 | all township accounts, withdrawals, and deposits. The | ||||||
| 14 | co-signer shall be designated by the township board by | ||||||
| 15 | resolution. When a bank or savings and loan association
has | ||||||
| 16 | been designated as a depository, it shall continue as a | ||||||
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| 1 | depository until 10
days have elapsed after a new depository is | ||||||
| 2 | designated and has qualified by
furnishing the statements of | ||||||
| 3 | resources and liabilities required by Section 6 of
the Public | ||||||
| 4 | Funds Investment Act.
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| 5 | (b) When a new depository is designated, the township board | ||||||
| 6 | shall notify the
sureties of the supervisor of that fact, in | ||||||
| 7 | writing, at least5 days before the
transfer of funds. The | ||||||
| 8 | supervisor shall be discharged from responsibility for
all | ||||||
| 9 | township funds and moneys which he or she deposits in a | ||||||
| 10 | depository
designated under this Section while those funds and | ||||||
| 11 | moneys are deposited.
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| 12 | (c) No bank or savings and loan association shall receive | ||||||
| 13 | public
funds under this Section unless it has complied with | ||||||
| 14 | Section 6 of the Public
Funds Investment Act.
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| 15 | (Source: P.A. 83-1362; 88-62.)
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| 16 | Section 99. Effective date. This Act takes effect upon | ||||||
| 17 | becoming law.".
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