(A) (1) The Treasurer shall receive all money belonging to the village and shall keep his or her books and accounts in the manner prescribed by ordinance. These books and accounts shall always be subject to the inspection of any member of the Board of Trustees; provided, however, that, the village may, by ordinance, designate a person or institution which, as bond trustee, shall receive from the County Collector amounts payable to the village as taxes levied pursuant to a bond issuance.
(2) The Treasurer shall keep a separate account of each fund or appropriation and the debits and credits belonging thereto.
(3) The Treasurer shall give every person paying money into the treasury a receipt, specifying the date of payment and upon what account paid. The Treasurer shall file copies of these receipts with the Clerk, with the Treasurer’s monthly reports. If the Treasurer has in his or her possession money properly appropriated to the payment of any warrant lawfully drawn upon him or her, the Treasurer shall pay the money specified in this warrant to the person designated by the warrant.
(ILCS Ch. 65, Act 5, § 3.1-35-40)
(B) At the end of every month, and more often if required by the Board of Trustees, the Treasurer shall render an account under oath to the Board of Trustees, or to an officer designated by ordinance, showing the state of the treasury at the date of the account and the balance of money in the treasury. The Treasurer shall accompany the account with a statement of all money received into the treasury and on what account, together with all warrants redeemed and paid by him or her. On the day he or she renders an account, these warrants, with all vouchers held by him or her, shall be delivered to the Clerk and filed, together with the account, in the Clerk’s office. All paid warrants shall be marked “paid”. The Treasurer shall keep a register of all warrants, which shall describe each warrant, showing its date, amount and number, the fund from which paid, the name of the person to whom paid and when paid.
(ILCS Ch. 65, Act 5, § 3.1-35-45)
(C) (1) The Treasurer may be required to keep all funds and money in his or her custody belonging to the village in the places of deposit designated by ordinance. When requested by the Treasurer, the Board of Trustees shall designate one or more banks or savings and loan associations in which may be kept the funds and money of the village in the custody of the Treasurer. When a bank or savings and loan association has been designated as a depository, it shall continue as a 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 Board of Trustees 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 which he or she deposits in a designated bank or savings and loan association while the funds and money are so deposited.
(2) The Treasurer may require any bank or savings and loan association to deposit with the Treasurer securities or mortgages which have a market value at least equal to the amount of the funds or moneys of the village 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.
(3) The Treasurer is authorized to enter into agreements of any definite or indefinite term regarding the deposit, redeposit, investment, reinvestment or withdrawal of village funds.
(4) The Treasurer is permitted to combine moneys from more than one fund of the village for the purpose of investing the funds, and join with other municipal treasurers or municipalities for the purpose of investing the village funds of which the Treasurer has custody. Joint investments shall be made only in investments authorized by law for the investment of municipal funds. When moneys of more than one fund of the village 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.
(5) 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 ILCS Ch. 30, Act 235, § 6.
(ILCS Ch. 65, Act 5, § 3.1-35-50)
(D) The Treasurer shall keep all money belonging to the village and in his or her custody separate and distinct from his or her own money and shall not use, either directly or indirectly, the village’s money or warrants for the personal use and benefit of the Treasurer or of any other person. Any violation of this provision shall subject him or her to immediate removal from office by the Board of Trustees, who may declare the Treasurer’s office vacant.
(ILCS Ch. 65, Act 5, § 3.1-35-55)
(E) The Treasurer shall report to the Board of Trustees, as often as it requires, a full and detailed account of all receipts and expenditures of the village, as shown by his or her books, up to the time of the report.
(ILCS Ch. 65, Act 5, § 3.1-35-60)
(F) All money received on any special assessment shall be held by the Treasurer as a special fund to be applied to the payment of the improvement for which the assessment was made, and the money shall be used for no other purpose, except to reimburse the village for money expended for the improvement.
(ILCS Ch. 65, Act 5, § 3.1-35-85)
(G) (1) The Treasurer may deposit funds in a savings and loan association, savings bank, or state or national bank in the state, or deposit those funds into demand deposit accounts in accordance with ILCS Ch. 30, Act 235, § 6.5 of the Public Funds Investment Act. When deposits become collected funds and are not needed for immediate disbursement, they shall be invested within two working days at prevailing rates or better. The Treasurer may require the bank, savings bank, or savings and loan association to deposit with him or her securities guaranteed by agencies and instrumentalities of the federal government equal in market value to the amount by which the funds deposited exceed the federally insured amount. The Treasurer may accept as security for public funds deposited in such bank, savings bank, or savings and loan association any securities or other eligible collateral authorized by Sections 11 and 11.1 of the Deposit of State Moneys Act or Section 6 of the Public Funds Investment Act. The Treasurer is authorized to enter into an agreement with any bank, savings bank, or savings and loan association, with any federally insured financial institution or trust company, or with any agency of the U.S. government relating to the deposit of such securities.
(2) The Treasurer shall be discharged from responsibility for any funds for which securities are so deposited with him or her, and the funds for which securities are so deposited shall not be subject to any otherwise applicable limitation as to amount.
(3) No bank, savings bank, or savings and loan association shall receive public funds as permitted by this section, unless it has complied with the requirements established pursuant to ILCS Ch. 30, Act 235, § 6 or is otherwise exempt from compliance as authorized by ILCS Ch. 30, Act 235, § 6.5 of that Act.
(ILCS Ch. 30, Act 225, § 1)
(Prior Code, § 30.102)
Cross-reference:
Depositories for village funds, see § 35.009