(A) Designation by Council. The Treasurer is hereby required to keep all funds and moneys in his custody belonging to the city in such places of deposit as have been designated by division (E) of this section. 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 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 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 city 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 responsibility. The Treasurer shall be discharged from responsibility for all funds or moneys which he deposits in a designated bank while the funds and moneys are so deposited. If city funds or moneys are deposited in a designated bank, however, the amount 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 City Treasurer is hereby authorized to invest surplus funds or reserve funds of the city in the following types of investments:
(1) General obligation securities of the United States of America or of the State of Illinois;
(2) Certificates of deposit and time deposits in any bank where such investments are insured by the Federal Deposit Insurance Company;
(3) Money market certificates; and
(4) Short-term discount obligations of the Federal National Mortgage Association.
(E) The following banks are herewith designated as places of deposit where the City Treasurer is required to keep all funds and moneys in his or her custody belonging to the municipality:
(1) Midland States Bank, Waterloo, Illinois;
(2) First National Bank of Waterloo, Waterloo, Illinois;
(3) State Bank, Waterloo, Illinois;
(4) The State Treasurer’s Investment Pool;
(5) Dietrich Bank, Waterloo, Illinois;
(6) Illinois Metropolitan Investment Fund;
(7) Illinois National Bank, Springfield, Illinois; and
(8) Bank of Monroe County, Waterloo, Illinois.
(F) Consolidation of demand deposit accounts. The City Treasurer is hereby authorized to consolidate into one demand deposit account the checking accounts maintained by the city except such accounts as are required by law to be maintained as separate and distinct accounts, in and with such institution as designated in division (E) of this section, as determined by the City Council from time to time by resolution or motion.
(1993 Code, § 1-2-92) (Am. Ord. 1078, passed 10-19-1998; Am. Ord. 1514, passed 6-15-2009; Am. Ord. 1564, passed 10-25-2010; Am. Ord. 1656, passed 1-27-2014; Am. Ord. 1694, passed 1-4-2016; Am. Ord. 1709, passed 1-16-2017; Am. Ord. 1784, passed 5-20-2019; Am. Ord. 1861, passed 9-6-2022)
Statutory reference:
See similar provisions, ILCS Ch. 65, Act 5, § 3-10-3