(70 ILCS 1832/130)
Sec. 130.
Deposits; checks or drafts.
(a) All funds deposited by the
treasurer in any bank or savings
and loan association shall be placed
in the name of the district and shall be withdrawn or paid out only by
check or draft upon the bank or savings and loan association, signed
by the treasurer and countersigned by
the chairperson of the Board. The Board may designate any of its members or
any officer or employee of the district to affix the signature of the
chairperson and another to affix the signature of the treasurer to any check
or draft for payment of salaries or wages and for payment of any other
obligation of
not more than $10,000.
No bank or savings and loan association shall receive public funds as
permitted by this Section unless it has complied with the requirements
established under Section 6 of
the Public Funds Investment Act.
(b) In case
any officer whose signature appears upon any check or
draft issued under this Act ceases to hold his or her office before the
delivery of the check or draft to the payee, his or her signature nevertheless
shall be valid
and sufficient for all purposes with the same effect as if he or she had
remained
in office until delivery of the check or draft.
(Source: P.A. 90-636, eff. 7-24-98.)
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