(A) The Treasurer is hereby required to keep all funds and monies in his or her custody belonging to the city in such places of deposit as have been designated by division (B) below. When requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and monies 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 Municipal 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 following bank(s) are hereby designated as places of deposit where the Treasurer of the city is required to keep all Illinois funds and monies in his or her custody belonging to this municipality:
(1) First Bank, Johnston City Branch;
(2) South Pointe Bank, Johnston City Branch;
(3) Illinois State Treasurer’s Investment Pool; and
(4) Bank of Southern Illinois, Johnston City Branch.
(1999 Code, § 1-2-84)