(70 ILCS 3605/25) (from Ch. 111 2/3, par. 325)
Sec. 25.
All funds deposited by the treasurer in any bank, savings bank,
or savings
and loan association shall be placed
in the name of the Authority and shall be withdrawn or paid out only by
check or draft upon the bank, savings bank, or savings and loan
association, signed
by the treasurer or an assistant
treasurer and countersigned by the chairman of the Board or a vice-chairman
of the Board. The Board may designate any of its members or any officer or
employee of the Authority to affix the signature of the chairman and
another to affix the signature of the treasurer to any check or draft for
payment of salaries or wages and for the payment of any other obligation of
not more than $2500.00.
No bank, savings 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.
(Source: P.A. 92-811, eff. 8-21-02.)
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