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(30 ILCS 105/6z-11) (from Ch. 127, par. 142z-11)
Sec. 6z-11.
All moneys received by the Illinois Bank
Examiners'
Education Foundation pursuant to subsection (11) of Section 48 of the
Illinois Banking Act shall be deposited into a special fund known as the
Illinois Bank Examiners' Education Fund, which is hereby created in the
State Treasury, or deposited into an account maintained in a commercial
bank or corporate fiduciary in the name of the Illinois Bank Examiners'
Education Foundation pursuant to the order and direction of the Board of
Trustees of the Illinois Bank Examiners' Education Foundation. The Board
of Trustees of the Illinois Bank Examiners'
Education Foundation shall determine whether the Treasurer of the State of
Illinois shall invest those moneys in the Public
Treasurers' Investment Pool
or in any other investment he is authorized to make, whether the
Illinois State
Board of Investment shall invest those moneys, or whether the moneys
shall be placed on deposit at a commercial bank or corporate fiduciary. All interest or income
earned on monies in Illinois Bank Examiners' Education Fund shall be
deposited in the Fund.
Moneys in the Illinois Bank Examiners' Education Fund may
be expended, subject to appropriation,
or, if maintained on deposit at a commercial bank or corporate fiduciary,
upon the order of the Board of Trustees of the Illinois Bank Examiners'
Education Foundation, drawn by the treasurer of the Board of Trustees and
countersigned by the secretary of the Board of Trustees
for the payment of expenses of the Board of
Trustees of the Illinois Bank Examiners' Education Foundation,
administrative expenses of the Illinois Bank Examiners' Education Program,
and expenses of the Illinois Bank Examiners' Education Program.
Whenever funds retained by the Illinois Bank Examiners' Education
Foundation in its own treasury are deposited with a commercial bank or
corporate fiduciary and the amount of the deposit exceeds the amount of
federal deposit insurance coverage, a bond or pledged securities shall be
obtained. Only the types of securities that the State Treasurer may, in his
discretion, accept for amounts not insured by the Federal Deposit Insurance
Corporation under Section 11 of the Deposit of State Moneys Act may be
accepted as pledged securities. The market value of the bond or pledged
securities shall at all times be equal to or greater than the uninsured
portion of the deposit.
The Auditor General shall audit or cause to be audited the above items of
income and all other income and expenditures of this Fund.
(Source: P.A. 90-372, eff. 7-1-98.)
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