70 ILCS 1205/8-8
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 1205/ - Park District Code.|Article 8 - General Powers Of Park Districts

 (from Ch. 105, par. 8-8)Sec. 8-8.         Any park district, when so requested by its treasurer, shall  designate one or more banks or savings and loan associations in which  the funds of the  district may be deposited. When a bank or savings and loan association  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 savings and loan association,  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 "An Act relating to certain investments  of public funds by public agencies", approved July 23, 1943, as now or hereafter  amended.Notwithstanding any provision of this Act or of any other law, each  official custodian of park district funds, including, without limitation,  each park district treasurer and each person properly designated as the  official custodian for park district or joint recreational program funds,  including, without limitation, each person properly designated as official  custodian of funds for joint recreational programs established pursuant to  the provisions of Sections 8-10b and 8-18 of this Act and each person  properly designated as custodian for funds held by an intergovernmental  risk management association or self-insurance pool composed solely of  participating park districts, forest preserve districts or joint  recreational programs, is permitted to (i) combine moneys from more than  one fund of a single park district, joint recreational program, risk  management association or self-insurance pool for the purpose of investing  such moneys, (ii) enter into agreements of any definite or indefinite term  regarding the deposit, redeposit, investment, reinvestment or withdrawal of  park district, risk management association, self-insurance pool or joint  recreational program funds and (iii) join with any custodians or treasurers  of park district, Chicago Park District, joint recreational program, risk  management association, self-insurance pool or  forest preserve district funds for the purpose of investing any park  district, risk management association, self-insurance pool or joint  recreational program funds in his custody.  When funds are combined for  investment purposes as authorized herein, 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, district, joint recreational  program, risk management association, self-insurance pool or other entity,  as the case may be, for which the investment was acquired.  The grant of  authority contained in this Section is cumulative and supplemental and in  addition to all other power or authority granted by any other law and shall  not be construed as a limitation of any power or authority otherwise granted.    (Source: P.A. 85-460.)