Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/2-145

(40 ILCS 5/2-145) (from Ch. 108 1/2, par. 2-145)

Sec. 2-145.

Treasurer.

The State Treasurer shall be ex-officio the
treasurer of the system and shall:

(1) Act as official custodian of the cash and securities of the system
and provide adequate safe deposit facilities for the preservation of such
securities, and hold such cash and securities subject to the order of the
board;

(2) Receive from the secretary all items of cash belonging to the
system, including participants' contributions, State contributions,
interest and principal on investments and other income accruing to the
system, and deposit all such amounts in a special trust fund for the
account of the system;

(3) Make payments for purposes specified in this Article upon warrants
or direct deposit transmittals of the State Comptroller drawn in accordance
with vouchers signed by the secretary pursuant to resolutions of the board;

(4) Submit to the board at least once each month a statement of all
receipts for the account of the system and all payments chargeable to the
system;

(5) Furnish a corporate surety bond acceptable to the board in such
amount as the board shall designate. The bond shall indemnify the board
against any loss which may result from any action or omission of the
Treasurer or any of the Treasurer's agents. All reasonable charges
incidental to the procuring and giving of the bond shall be paid by the board.

Any cash accruing to the system not required for current
expenditures by the system shall be transferred to the Illinois State
Board of Investment for purposes of investment.
Until such transfer is made, those funds shall be invested temporarily by
the Treasurer on behalf of the system and interest earned thereon shall be
credited to the trust fund of the system.

(Source: P.A. 86-273.)