§ 771. Deposit of funds.
259 words·~1 min read·
/de/title-9/chapter-7-park-districts/subchapter-vi-miscellaneous-provisions/771·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Any park district, when so requested by its treasurer, shall designate a bank or banks or other depository in which the funds of the district may be deposited. 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 required by this section. When a new depository is designated, the district shall notify the sureties of its treasurer of that fact, in writing, at least 5 days before the transfer of funds. Such treasurer shall be discharged from responsibility for all such funds and moneys deposited in a bank or depository, so designated, while such funds and moneys are so deposited.
(b)No bank shall be qualified to receive such funds or moneys until it has furnished the district with copies of the last 2 sworn statements of resources and liabilities which such bank is required to furnish to the State Bank Commissioner. Each bank designated as a depository for moneys or funds shall, while acting as such depository, furnish the district with a copy of all statements of resources and liabilities which it is required to furnish to the State Bank Commissioner; provided, that if such funds or moneys are deposited in a bank, the amount of such deposits shall not exceed 75% of the capital stock and surplus of such bank, and such treasurer shall not be discharged from responsibility for any funds or moneys deposited in excess of such limitation.