(A) Office established. There is hereby established the office of Village Treasurer.
(B) Bond. The Treasurer, before entering upon the duties of his or her office, shall execute a bond in the amount of $5,000 to be provided by the Village.
(C) Deposits; bank designated, liability of Treasurer. The Treasurer shall keep all funds and money in his or her custody belonging to the Village in such places of deposit as may be designated by ordinance, and, when requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and money of the Village, in the custody of the Treasurer. When a bank has been designated as a depository, it shall continue as such until 10 days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities as required by division (D) below. When a new depository is designated, the corporate authorities shall notify the sureties of the Village Treasurer of that fact, in writing, at least 5 days before the transfer of funds. The Village Treasurer shall be discharged from responsibility for all funds or money which he or she deposits in a designated bank while the funds and money are so deposited. If Village funds or money is deposited in a designated bank, the amount of the deposits shall not exceed 75% of the bank’s capital stock and surplus, and the Treasurer shall be responsible for funds or money deposited in the bank in excess of this limitation.
(D) Qualifications of bank. No bank shall be qualified to receive Village funds or money until it has furnished the corporate authorities with copies of the last 2 sworn statements of resources and liabilities which the bank is required to furnish to the State Commissioner of Banks and Trust Companies or to the State Comptroller of Currency. Each bank designated as a depository for the funds or money shall, while acting as the depository, furnish the corporate authorities with a copy of all statements of resources and liabilities which it is required to furnish to the Commissioner or the Comptroller.
(E) Term. The Treasurer shall serve for a term of 4 years, commencing on May 1 of the year in which he or she is appointed.
(Prior Code, § 2-4)
Statutory reference:
Authority of village to appoint Treasurer, see ILCS Ch. 65, Act 5, § 3.1-30-5
Bond, see ILCS Ch. 65, Act 5, §§ 3.1-15-20, §§ 4-4 et seq.
Duties, see ILCS Ch. 65, Act 5,§ 3.1-35-40