20 ILCS 3501/845-40
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 845 - Authority Debts, Contracts And Reports

(20 ILCS 3501/845-40)Sec. 845-40.         The Authority shall appoint a secretary and treasurer, who  may,  but need not, be a member or members of the Authority to hold office during the  pleasure of the Authority. Before entering upon the duties of the respective  offices such person or persons shall take and subscribe to the constitutional  oath of office, and the treasurer shall execute a bond with corporate sureties  to be approved by the Authority. The bond shall be payable to the Authority in  whatever penal sum may be directed by the Authority conditioned upon the  faithful performance of the duties of the office and the payment of all money  received by him according to law and the orders of the Authority. The Authority  may, at any time, require a new bond from the treasurer in such penal sum as  may  then be determined by the Authority. The obligation of the sureties shall not  extend to any loss sustained by the insolvency, failure or closing of any  savings and loan association or national or state bank wherein the treasurer  has  deposited funds if the bank or savings and loan association has been approved  by  the Authority as a depository for these funds. The oaths of office and the  treasurer's bond shall be filed in the principal office of the Authority.  All funds of the Authority, including without limitation, grants or loans from  the federal government, the State or any agency or instrumentality thereof,  fees, service charges, interest or other investment earnings on its funds,  payments of principal of and interest on loans of its funds and revenue from  any  other source, except funds the application of which is otherwise specifically  provided for by appropriation, resolution, grant agreement, lease agreement,  loan agreement, indenture, mortgage or trust agreement or other agreement, may  be held by the Authority in its treasury and be generally available for  expenditure by the Authority for any of the purposes authorized by this Act. In  addition to investments authorized by  Section 2 of  the Public Funds Investment Act, funds of the Authority may be invested in (a)  obligations issued by  any  State, unit of local government or school district which obligations are rated  at the time of purchase by a national rating service within the two highest  rating classifications without regard to any rating refinement or gradation by  numerical or other modifier, or (b) equity securities of an investment company  registered under the Investment Company Act of 1940 whose sole assets, other  than cash and other temporary investments, are obligations which are eligible  investments for the Authority, provided that not more than 20% of the assets of  the investment company may consist of unrated obligations of the type described  in clause (a) which the Board of Directors of the investment company has  determined to be of comparable quality to rated obligations described in clause  (a).  Funds appropriated by the General Assembly to the Authority shall be held  in the  State treasury unless this Act or the Act making the appropriation specifically  states that the monies are to be held in or appropriated to the Authority's  treasury.  Such funds as are authorized to be held in the Authority's treasury and  deposited in any bank or savings and loan association and placed in the name of  the Authority shall be withdrawn or paid out only by check or draft upon the  bank or savings and loan association, signed by the treasurer and countersigned  by the Chairperson of the Authority. The Authority may designate any of its  members or any officer or employee of the Authority to affix the signature of  the Chairperson and another to affix the signature of the treasurer to any  check  or draft for payment of salaries or wages and for payment of any other  obligations of not more than $2,500.  In case any officer whose signature appears upon any check or draft, issued  pursuant to this Act, ceases to hold his office before the delivery thereof to  the payee, his signature nevertheless shall be valid and sufficient for all  purposes with the same effect as if he had remained in office until delivery  thereof.  No 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  Section 6 of the Public Funds Investment Act.    (Source: P.A. 93-205, eff. 1-1-04.)