§ 2. SELECTION OF DEPOSITARIES.] It shall be the duty of the county treasurer in every county of this State now containing or which may hereafter contain more than 150,000 inhabitants, at least once in each year and not later than the 1st day of October, in each year, to advertise for bids from all regularly established national and State banks doing business within such county for interest on county moneys to be deposited in said banks. A "regularly established" national or state bank is hereby defined to mean a bank which has been doing business in such county and has furnished at least two sworn statements of resources and liabilities to the State Auditor or to the comptroller of currency, prior to the date upon which the bids provided for herein are to be submitted. It shall be the duty of the county treasurer in so advertising for bids to ask for separate bids for interest upon such county moneys as shall be deposited in said banks and permitted to remain without diminution for periods of at least thirty, sixty or ninety days. Such bids shall be referred to the county treasurer, the county clerk and the president or chairman of the county board of such county for their information and consideration, not later than the 15th day of October of each year. The three above named officers shall, by a majority vote, within ten days after such bids have been so referred to them, by written notice to the county treasurer, a duplicate of which notice shall be filed with the county clerk, reject any or all bids, or designate, in like manner, as many depositaries as they deem necessary for the protection of all county moneys as defined in section 1 of this Act, and make awards accordingly, such awards to be made to the highest and best responsible bidder or bidders. In case no bids are so received or all bids so received and referred are rejected, the county treasurer shall immediately readvertise in the manner herein provided, and shall continue to readvertise in like manner until such awards shall have been made. It shall be the duty of the county treasurer to obtain with each bid for interest upon county moneys and to present with such bids the last official statement of resources and liabilities of each bank bidding for deposits as reported to the State Auditor of Public Accounts or to the comptroller of the currency, as the case may be; and the county Treasurer shall obtain, from time to time, from the banks to which awards are made, copies of all reports of condition made in response to the regular calls by the State and federal authorities. § 3. CONTRACT STATEMENT OF DEPOSITARIES.] The county treasurer of such county shall take from each bank which may have been so designated as a depositary a written contract, in triplicate, setting forth the conditions and terms upon which county moneys are to be deposited therewith, one copy of which he shall file with the president or chairman of the county board and one with the county clerk: Provided, that nothing contained in this Act shall be construed to authorize such county treasurer to enter into any contract for the deposit of such moneys or to deposit any such moneys upon terms and conditions which will prevent him from performing the duties imposed upon him by law with respect to the payment of such moneys to public authorities or other persons entitled to receive the same. One provision of said con tract shall be that each depositary shall, at the end of each month, render to the county clerk a statement, in duplicate, showing separately the daily balances or amounts of county moneys held by it during the month, and the amount of accrued interest thereon, one copy of which statement the county clerk shall file, as soon as received, with the president or chairman of the county board. The said statement shall be made under oath, by the proper officer of said depositary, and shall also state that no other fees, perquisities or emoluments have been paid to or held for the benefit of any public officer, or any other person, on account of the deposit of such county moneys, and that no contract or agreement of any kind whatsoever has been entered into for the payment to any public officer, or any other person, of any fee, perquisite or emolument on account of the deposit of such county moneys. Said contract shall further provide that the interest on deposits shall be computed upon the average daily balance of all classes of funds on deposit during the contract period. § 4. BONDS OF DEPOSITARIES.] No county moneys shall be deposited in any bank nor any such award be effective until such depositary shall have delivered to the county clerk of such county a bond running to the People of the State of Illinois in an amount equal to the amount which such bank or depositary shall be designated as being entitled to receive upon its bid and with such sureties as the three officers aforesaid shall approve, conditioned in like manner as official bonds given by public officials charged with the custody of money. § 5. CLASSIFICATION OF FUNDS.] For the purpose of establishing a control over the withdrawal, in accordance with the provisions of this Act, of all county moneys deposited in any bank or depositary, as hereinafter required, such moneys are hereby classified as follows: Class A. All taxes and special assessments received by the county treasurer in his capacity as ex officio county collector or ex officio town collector, and held by him pending distribution to the several governments or authorities entitled to receive the same, shall be known as "Class A" funds. Class B. All other moneys belonging to the State of Illinois or to any political or corporate subdivision thereof, except the county, shall be known as "Class B" funds. Class C. All moneys belonging to the county in its corporate capacity shall be known as "Class C" funds. Class D. All other county moneys as defined in section 1 of this Act shall be known as "Class D" funds. § 6. DEPOSITS BY COUNTY TREASURER.] It shall be the duty of the county treasurer of such county to deposit daily, in separate accounts in accordance with the classification set forth in section 5 of this Act, to the credit of the county treasurer of such county, in such bank or banks as shall have been selected and designated under the terms of this Act and as shall have complied with the requirements thereof, all county moneys as defined in section 1 of this Act, received by him during banking hours, and also all such county moneys as he may have received on the day previous after banking hours. § 7. MAXIMUM BALANCE.] The maximum balance to be kept in any one bank shall not exceed an amount equal to one-half the capital stock, surplus and undivided profits of such bank, but the county board shall have power, if it sees fit, to limit such maximum balance to a smaller amount. No bank shall have more than two million dollars on deposit at any one time, except during the month when any given bank may be the active bank, when this amount may be increased if occasion demands; the intent of this Act being, however, not to increase unduly the deposits in said active bank. The county treasurer in advertising for bids under section 2 of this Act is authorized and directed to give notice to the foregoing effect. § 8. WITHDRAWALS.] When county moneys have been deposited in any such depositary they shall be withdrawn therefrom only in the following manner: Funds designated in section 5 of this Act as "Class A" funds and as "Class B" funds shall be withdrawn only upon checks or drafts signed by the county treasurer and payable to the order of the State Treasurer or the other proper authorities or persons entitled by law to receive the same; funds designated in said section 5 as "Class C" funds shall be withdrawn only upon checks or drafts signed by the county treasurer and supported by warrants signed by the county clerk and countersigned by the president or chairman of the county board; funds designated in said section 5 as "Class D" funds shall be withdrawn only upon checks or drafts signed by the county treasurer and payable to the persons entitled to receive the same: Provided, however, that subject to the limitations hereinafter set forth in section 11, the county treasurer shall have the power to withdraw such county moneys from any depositary in the cases provided for and under the circumstances stated in sections 9 and 10 of this Act. § 9. PETTY CASH FUND.] For the purpose of enabling the county treasurer to pay in cash such warrants and other demands as may be presented to him for payment in cash, he is hereby authorized to withhold from the daily deposit of funds required of him under section 6 of this Act, or to withdraw from the bank or banks holding such county moneys on deposit, upon check or draft payable to his own order as county treasurer, such amounts as will enable him to maintain a petty cash fund sufficient to meet the daily demand for the purpose herein indicated Provided, however, that the amount of said petty cash fund shall at no time exceed the sum of $200,000. The county treasurer shall keep proper records of such petty cash fund, showing the amounts so withheld or withdrawn by him daily and the amounts paid out by him in cash from day to day. Such records shall be open to the inspection of all persons wishing to examine the same. § 10. EQUALIZATION AND TRANSFER OF DEPOSITS.] For the purpose of facilitating the equalization or apportionment of the amount of the balances on deposit with the several depositaries and the speedy transfer of money from one depositary to another in case of necessity, the county treasurer is hereby authorized to draw checks or drafts against any deposit made by him under the terms of this Act. Each draft or check so drawn shall be payable to the order of the county treasurer, and shall indicate upon its face that it is drawn only for deposit in a bank authorized under the provisions of this Act to receive county moneys. § 11. ACTIVE BANK.] Of the banks which may have been so designated as depositaries, one shall be designated from time to time by the county treasurer as the active bank or depositary for a period of not more than one month at a time. The county board shall have power, if it sees fit, to require that no bank whose aggregate capital stock and surplus is less than a certain specified amount shall be named as the active bank. During such period the county treasurer shall draw all of his checks to pay warrants and other demands drawn upon him upon such active bank: Provided, however, that the county treasurer shall have power to withdraw county moneys from any depositary for the purposes stated in section 10 of this Act: And, provided, further, that during such period drafts and checks against deposits of funds designated by section 5 hereof as "Class A" funds and "Class B" funds may be drawn upon other than the active bank. § 12. RECORD OF DEPOSITS.] The county treasurer shall keep in his office a record showing the date and aggregate amount received by him daily on account of each class of funds designated in section 5 of this Act, and also his accounts with each depositary, which accounts shall show daily the date and amount of each deposit, the date and amount of each withdrawal, and the balance on deposit. Each such account shall also show the date and amount of each interest payment received by or credited to the county treasurer and the rate of interest at which such payment was computed. Said record and all contracts with depositaries shall be open to the inspection of all persons wishing to examine the same. § 13. MONTHLY REPORT OF INTEREST RECEIVED.] The county treasurer shall make to the county clerk a report, under oath, for each calendar month, of all interest received by the county treasurer or credited to the county treasurer by any bank or other depositary, in which is deposited any county moneys, and at the time of making such report the county treasurer shall pay into the county treasury for the benefit of the county the aggregate amount of all interest so received by or credited to him, as shown by said report, without reference to the fund or funds on which such interest or any part thereof may have been earned. § 14. BANK-INTEREST.] Such report shall show the name of each bank or depositary where any county moneys are deposited; the average sum of money on deposit in such bank or depositary during the calendar month, the interest paid or credited thereon by each bank or depositary, and the rate of interest so paid or credited. § 15. REPORT-TIME OF MAKING.] Such report shall be made and verified to the county clerk on or before the fifth day of the month next succeeding the month for which the report is rendered. § 16. COUNTY TREASURER'S BOND.] When the county treasurer in any county to which this Act shall apply shall have complied with the terms thereof and shall have deposited all county moneys in depositaries designated and selected in the manner hereinafter provided, he shall be permitted to execute a new bond in a penal sum to be fixed by the county board with sufficient sureties to be approved by said board, and every county treasurer hereafter elected, before entering upon the duties of his office, shall in like manner give a bond, the amount thereof to be fixed and the sureties thereon to be approved by the county board: Provided, however, that the amount of such bond may be increased or diminished from time to time by resolution of said county board, and in fixing the amount of such bond due regard shall be had by the county board to the effect of the deposit in bank of county moneys in accordance with provisions of this Act upon the actual amount of money for which the county treasurer may from time to time be held responsible: And, provided, further, that in counties having a population of over 300,000, the amount of said bond shall not be less than $3,000,000. The bond provided for in this section shall be in lieu of all official bonds otherwise required of said county treasurer, including any bond which he might otherwise be required to give as ex officio county collector. Said bond shall be filed with the county clerk and shall be in substance in the following form: Know all men by these presents, that we (A B), principal, and (CD and E F), sureties, all of the county of.. ..and State of Illinois, are held and firmly bound to the People of the State of Illinois, in the penal sum of..... ...dollars, for the payment of which, well and truly to be made, we bind ourselves, each of us, our heirs, executors and administrators, firmly by these presents. Signed with our hands and sealed with our seals. Dated at..... the day of.... 19.... The conditon of the above bond is such, that if the above bounden (A B) shall perform all the duties which are or may be required by law to be performed by him, as treasurer of the said county of.... in the time and manner prescribed or to be prescribed by law, and when he shall be succeeded in office, shall surrender and deliver over to his successor in office all books, papers, moneys and other things belonging to said county, or appertaining to his said office, then the above bond to be void; otherwise to remain in full force. Signed, sealed and delivered in the presence of (G H). A B [SEAL] § 17. COST OF BONDS TO BE PAID BY COUNTY.] The premium on all bonds required of the county treasurer in any official capacity by the provisions of this Act, if the surety thereon shall be a surety company or companies authorized to do business in this State under the laws thereof, shall be paid out of the county treasury: Provided, however, that the amount of said premium shall not exceed one-half of one per cent per annum of the amount of said bond. § 18. LIABILITY OF TREASURER.] The county treasurer shall be discharged from responsibility for all moneys deposited by him pursuant to the terms of this Act, with any depositary or depositaries who may be named and shall qualify in accordance with the terms thereof: Provided, that nothing in this Act contained shall be construed in any manner to change or affect the liability of treasurers having depositaries under and in accordance with the terms of this Act, except that such treasurers shall be discharged from liability for moneys so deposited by them in such depositaries while such moneys so deposited are in the custody of any such depositary. § 19. SUITS AGAINST TREASURER.] All reasonable expenses incurred by the county treasurer in prosecuting or defending suits or actions |