Council shall designate certain state or national banks as authorized depositories of city funds and may direct from time to time how funds shall be distributed among the depositories. All funds deposited in a depository shall be subject to withdrawal only upon warrant, draft or check signed by any two of the following: the Mayor, the City Treasurer, the City Clerk and the Director of Finance. Nothing in this section shall be construed as a repeal of any of the duties of approval of warrants and orders imposed upon the City Treasurer by operation of state law or city ordinance, including but not limited to § 228.10(B) of these Codified Ordinances and ILCS Ch. 65, Act 5, §§ 3-10-1 through 3-10-6 and ILCS Ch. 65, Act 5, §§ 8-1-8 through 8-1-16, as amended. The Director of Finance shall designate one of the depositories as the active bank through which the current bills of the city shall be paid. A bank may be removed from the list of designated depositories at any time by resolution of Council.
(Ord. passed 4-11-1977; Ord. 01-23, passed 9-25-2001)