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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB6008 Introduced , by Rep. Bill Mitchell SYNOPSIS AS INTRODUCED:
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Amends the Township Code. Provides that in addition to the supervisor, a co-signer shall be required on all township accounts, withdrawals, and deposits. Provides that the co-signer shall be designated by the township board by resolution. Effective immediately.
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| | A BILL FOR |
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| | HB6008 | | LRB098 20456 JLK 56330 b |
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| 1 | | AN ACT concerning local government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Township Code is amended by changing Section |
| 5 | | 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 |
| 17 | | depository until 10
days have elapsed after a new depository is |
| 18 | | designated and has qualified by
furnishing the statements of |
| 19 | | resources and liabilities required by Section 6 of
the Public |
| 20 | | Funds Investment Act.
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| 21 | | (b) When a new depository is designated, the township board |
| 22 | | shall notify the
sureties of the supervisor of that fact, in |
| 23 | | writing, at least5 days before the
transfer of funds. The |