§ 30.072 DEPOSIT OF FUNDS.
   (A)   Designation by Board. The Treasurer is hereby required to keep all funds and moneys in his or her custody belonging to the village in such places of deposit as have been designated by division (D)(5) below. 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 village in the custody of the Treasurer. When a bank has been kept designated as a depository, it shall continue as such depository until ten days have elapsed after a new depository is designated and has qualified as provided by law. When a new depository is designated, the corporate authorities shall notify the sureties of the Treasury of that fact in writing at least five days before the transfer of funds.
   (B)   Qualifications of bank. No bank shall be qualified to receive village funds or moneys until it has furnished the corporate authorities with copies of the last two sworn statements of resources and liabilities which the bank is required to furnish to the Auditor of Public Accounts or to the Comptroller of Currency. Each bank designated as a depository for such funds or moneys shall, while acting as such depository, furnish the corporate authorities with a copy of all statements of resources and liabilities which it is required to furnish to the Auditor of Public Accounts or to the Comptroller of Currency.
   (C)   Discharge from liability. The Treasurer shall be discharged from liability for all funds or moneys which he or she deposits in a designated bank while the funds and moneys are so deposited. If the village funds or moneys are deposited in a designated bank, however, the amounts of such deposits shall not exceed 75% of the bank’s capital stock and surplus, and the Treasurer shall be responsible for funds or moneys deposited in the bank in excess of this limitation.
   (D)   Investments. The Treasurer is hereby authorized to invest surplus funds or reserve funds of the municipality in the following types of investments:
      (1)   General obligation securities of the United States of America or of the state;
      (2)   Certificates of deposit and time deposits in any bank where such investments are insured by the Federal Deposit Insurance Company;
      (3)   Short-term discount obligations of the Federal National Mortgage Association;
      (4)   Insured Money Market Accounts; and
      (5)   The following bank(s) are herewith designated as places of deposit where the Treasurer of the village is required to keep all funds and moneys in his or her custody belonging to the municipality:
         (a)   State Treasurer’s Investment Pool; and
         (b)   First National Bank, Ramsey, Illinois.
(Prior Code, § 1-2-85)
Statutory reference:
   Related provisions, see 65 ILCS 5/3.1-35-50