(A) (1) The Treasurer is hereby required to keep all funds and moneys in his or her custody belonging to the city in such places of deposit as have been designated by division (F) below.
(2) When requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and moneys of the city in the custody of the Treasurer. When a bank or savings and loan association has been designated as a depository, it shall continue as such depository until ten days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities as required by this section. When a new depository is designated, the corporate authorities shall notify the sureties of the Treasurer of that fact in writing at least five days before the transfer of funds. The Treasurer shall be discharged from responsibility for all funds or money that the Treasurer deposits in a designated bank or savings and loan association while the funds and money are so deposited.
(B) The Treasurer may require any bank or savings and loan association to deposit with the Treasurer securities or mortgages that have a market value at least equal to the amount of the funds or moneys of the municipality deposited with the bank or savings and loan association that exceeds the insurance limitation provided by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.
(C) The Treasurer may enter into agreements of any definite or indefinite term regarding the deposit, redeposit, investment, reinvestment or withdrawal of municipal funds.
(D) (1) Each Treasurer may:
(a) Combine moneys from more than one fund of a single municipality for the purpose of investing those funds; and
(b) Join with other municipal treasurers or municipalities for the purpose of investing the municipal funds of which the Treasurer has custody.
(2) (a) Joint investments shall be made only in investments authorized by law for the investment of municipal funds.
(b) When moneys of more than one fund of a single municipality or moneys of more than one municipality are combined for investment purposes, the moneys combined for that purpose shall be accounted for separately in all respects and the earnings from investments shall be separately and individually computed, recorded and credited to the fund or municipality, as the case may be, for which the investment was acquired.
(E) No bank or savings and loan association shall receive public funds as permitted by this section unless it has complied with the requirements established by § 6 of the Public Funds Investment Act, being 30 ILCS 235/1 et seq.
(F) The following bank(s) are herewith designated as places of deposit where the Treasurer is required to keep all funds and moneys in his or her custody belonging to the municipality:
(1) State Treasurer’s Investment Pool;
(2) CNB Bank and Trust; and
(3) Carrollton Bank and Trust.
(Prior Code, § 1-2-85) (Ord. 21-651, passed 9-9-2021)
Statutory reference:
Related provisions, see 30 ILCS 235/6 and 65 ILCS 5/3.1-35-50