105 ILCS 5/8-7
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 8 - Treasurers

 (from Ch. 122, par. 8-7)Sec. 8-7.     Only lawful custodian of funds - Depositaries.     Except as  otherwise provided in subsection (f) of Section 8-1,  subsection (c) of Section 5-1, and subsection (b) of Section 8-5,  the township treasurer in Class II county school units, the school  treasurer in Class I county school units, and the school treasurer in  any school district that forms a part of a Class II county school unit but  which no longer is subject to the jurisdiction and authority of a  township treasurer and trustees of schools of a  township (because the district has withdrawn from the jurisdiction  and authority of the township treasurer and trustees of school of the  township or because those offices have been abolished  as provided in subsection (b) or (c) of Section 5-1) shall be the only  lawful custodian of all school funds and shall demand receipt for and  safely keep, according to law, all bonds, mortgages, notes, moneys,  effects, books and papers belonging to any school district or township, as  the case may be, which he serves as treasurer. Trustees of schools in Class  II county school units, school boards in Class I county school  units, and those school boards in Class II county school units that have  elected or appointed their own school treasurer pursuant to subsection (b) or  (c) of Section 5-1 and subsection (b) or (c) of Section 8-1, shall  designate one or more banks, savings and loan  associations, situated in the State of Illinois, in which school funds and  moneys in the custody of the township treasurer or of the school treasurer  shall be kept. When a bank or savings and loan association has been  designated as a depositary it shall continue as such until 10 days after a  new depositary is designated and has qualified by furnishing statements of  resources and liabilities as is required by this section. When a new  depositary is designated, the trustees of schools in Class II county school  units, school boards in Class I county school units, and those  school boards in Class II county school units that have elected or appointed  their own school treasurer pursuant to subsection (b) or (c) of Section  5-1 and subsection (b) or (c) of Section 8-1, shall notify the sureties  of the township treasurer or of the school treasurer, as the case may be, of  that fact, in writing at least 5 days before the transfer of funds. The  township treasurer or the school treasurer shall be discharged from  responsibility for such funds and moneys which he deposits in a depositary so  designated while such funds and moneys are so deposited.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.Township and school treasurers are authorized to enter into agreements  of any definite or indefinite term regarding the deposit, redeposit,  investment, reinvestment or withdrawal of school funds, including, without  limitation, agreements with other township and school treasurers,  agreements with community college districts authorized by Section 3-47 of  the Public Community College Act and agreements with educational service  regions authorized by Section 3-9.1.Each township and school treasurer is permitted to (i) combine moneys  from more than one fund of a single school district for the purpose of  investing such funds, and (ii) join with township and school treasurers,  community college districts and educational service regions in investing school  funds, community college funds and educational service region funds. Such joint  investments shall be made only in investments authorized by law for the  investment of school funds or, in the case of investments made jointly with  community college districts and educational service regions, in investments  authorized by law for the investment of school funds, community college funds  and educational service region funds. When moneys of more than one fund of a  single school district are combined for investment purposes or when moneys of a  school district are combined with moneys of other school districts, community  college districts or educational service regions, the moneys combined for such  purposes shall be accounted for separately in all respects, and the earnings  from such investment shall be separately and individually computed and  recorded, and credited to the fund or school district, community college  district or educational service region, as the case may be, for which the  investment was acquired.    (Source: P.A. 86-1051; 86-1441; 87-435; 87-473; 87-968.)