A. Authorized Depository: Any bank having a physical presence in the village, a public treasurer's investment pool created under section 17 of the state treasurer's act, and a money market mutual fund registered under the investment company act of 1940 and pursuant to 30 Illinois Compiled Statutes 235/5 is hereby designated as an authorized depository in which the funds of the village may be deposited. (Ord. 2000-08, 2-28-2000)
B. Finance Director-Treasurer Not Responsible For Deposited Funds: The finance director-treasurer is hereby discharged from responsibility for all funds or monies deposited in the depositories while the funds and monies are so deposited, and furthermore, as said deposits comply with the village investment policy as approved May 11, 1999, and as same may be amended from time to time.
C. Maximum Amount Of Deposits: If such funds or monies are deposited in the depositories designated herein, the amount of such deposits shall not exceed seventy five percent (75%) of the capital stock and surplus of said depositories. The finance director-treasurer shall be responsible for funds or monies deposited in the depositories in excess of this limitation.
D. Enforcement By President And Finance Director-Treasurer: The village president and finance director-treasurer shall be, and each of them is, hereby authorized to endorse for deposit any and all checks, drafts, notes, bills of exchange, and orders for the payment of money, either belonging to or coming into the possession of the village; and further, that such endorsements for deposit may be by the written or stamped endorsement of the village without designation of the person making the endorsement.
E. Drawing On Village Funds: Upon compliance with the appropriate provisions of title 1, chapter 8, article A of this code, the village finance director-treasurer is hereby empowered to draw checks, drafts, and orders against funds standing to the credit of the village within said depositories for the general corporate use and for other authorized purposes of the village, subject to the countersignature of the village president. Furthermore, the finance director- treasurer is hereby empowered to engage in electronic transfer of funds against funds standing to the credit of the village within said depositories for the general corporate use and for other authorized purposes of the village, subject to either the countersignature or other written direction of the village president.
F. Finance Director-Treasurer's Sureties Advised: The village clerk is hereby authorized and directed to advise the sureties of the finance director-treasurer in writing of this designation. (Ord. 2000-08, 2-28-2000; amd. 2012 Code)