build a dam on said real estate for the purpose of impounding water and shall otherwise use said real estate in such manner as may be necessary for the purpose of securing an adequate water supply for said city, and shall make no other use thereof whatsoever. (b) The city of Jacksonville shall furnish the State institutions located in said city, with all necessary supplies of water, at a cost never to exceed the rate charged by said city for water furnished to railroad, public service and manufacturing corporations. (c) The city of Jacksonville shal, pay to the State of Illinois, the annual sum of three hundred dollars ($300.00), payable in monthly installments of twenty-five dollars ($25.00). The installments so due shall be paid by deducting the sum of twenty-five dollars ($25.00) from each monthly statement rendered to the Jacksonville State Hospital by the city of Jacksonville for water furnished to that institution by said city.

§ 3. Because of an emergency, this Act shall be in full force and effect from and after its passage and approval.

APPROVED April 4, 1919.



[ocr errors][merged small][ocr errors][merged small]


[merged small][merged small][ocr errors][merged small][merged small][merged small][merged small]

§ 13. When money deposited with in

active depositaries may be

14. How interest computed -

remitted to State treasury. $ 15.

When approved bank shall be

disqualified. $ 16.

Depositary to make statement

in duplicate. $ 17. State Treasurer to keep record

showing account with each de

positary. $18. State Treasurer to make monthly

report to Governor. $ 19. This Act not

to prevent State Treasurer from paying obli

gations, etc. $ 20.

Only to pay surh interest as

shall be paid for the benefit

of the State. $ 21. The making of a personal profit

deemed a felony-penalty. $ 22. Removal of securities-misa ppr.

priation, $ 23. Penalty for violation of Act. $24. Repeal.

[merged small][ocr errors][merged small]

$ 12. Upon failure to pay over money,

State Treasurer may sell se-
curities-notice — actions may
be brought to enforce claims.

(HOUSE BILL No. 196. APPROVED JUNE 28, 1919.)

An Act in relation to State moneys. SECTION 1. Be it enacted by the People of the State of Illinois represented in the General 1 ssembly: That the State Treasurer shall

deposit all moneys received by him on account of the State within five days after receiving the same in such banks of the State as may be authorized to receive such deposits under the terms of this Act. The money so deposited shall be placed to the account of the State Treasurer.

S2. All interest received or paid on account of money in the State treasury belonging to or for the use of the State so deposited in banks, shall be the property of the State of Illinois. If any moneys held in special funds in the State treasury, not belonging to the State, shall be deposited in banks pursuant to the provisions of this Act, the interest received thereon shall be credited to the special fund so deposited.

§ 3. The State Treasurer shall, on the first Monday of February of the year A. D. 1921, and on the first Monday of August of each year thereafter, cause a notice to be sent to each regularly established National and State bank doing business in this State, indicating that on a date named therein not less than one month after the date of such notice, he will receive sealed proposals for the deposit of the public moneys in his custody or control. Such notice shall also be published at least once in one newspaper of general circulation, printed and published at the county seat of each county in the State, such publication to be made at least 15 days before the date named as the last date upon which proposals are to be received.

A "regularly established" National or State bank is hereby defined to mean a bank which has been doing business in the State and has furnished at least two sworn statements of resources and liabilities to the Comptroller of the Currency, or to the Auditor of Public Accounts prior to the date upon which the proposals provided for herein are to be received.

§ 4. There shall be two classes of depositaries, active and inactive, and separate proposals shall be obtained for each class. In calling for proposals the State Treasurer shall indicate that separate quotations of rates of interest may be made upon such State moneys as shall be deposited in such bank and permitted to remain without diminution for thirty, sixty or ninety days, or for longer periods.

§ 5. Each proposal shall state whether for active or inactive deposits, the amount of deposits sought by such proposals, and the rate of interest such bank will pay on daily balances. Each proposal shall be enclosed in a sealed envelope bearing the name of the bank and labelled, "proposal for deposit of State moneys.”

§ 6. Within ten days after the last day named for the receipt of proposals, such proposals shall be publicly opened by the State Treasurer in the presence of the Auditor of Public Accounts, and the Director of Finance.

The State Treasurer may reject any and all proposals, and may ask for new or additional proposals.

$ 7. Proposals made may either be approved or rejected by the State Treasurer. Before approving any proposal the State Treasurer shall obtain the last official statement of resources and liabilities of cach bank submitting a proposal, as reported to the Comptroller of the Currency or to the Auditor of Public Accounts, as the case may be.

If the treasurer shall approve a proposal he shall endorse thereon the word “Approved," and if he shall reject a proposal he shall endorse thereon the word “Rejected,” followed in each case by his signature and the date thereof. A bank whose proposal is approved shall be eligible to become a State depositary for the class of funds covered by its proposal. A bank whose proposal is rejected shall not be si eligible. The State Treasurer shall seek to have at all times not less than twenty banks which are approved as State depositaries for inactive moneys.

§ 8. All proposals shall be filed in the office of the State Treasurer, and shall be open at all reasonable hours to public inspection. The State Treasurer shall publish in pamphlet form a list of the banks approved as State depositaries of public moneys, with a statement of the rate of interest offered by each, and the class of deposit for which its proposal was androved, which pamphlet shall be for general distribution by the State Treasurer.

§ 9. The approval of any proposal shall confer no right upon any bank to receive deposits of public money.

§ 10. No moneys in the State treasury shall be deposited in any bank approved as a depositary under the terms of this Act until such bank shall have deposited securities with the State Treasurer equal in market value to the amount of moneys deposited.

$ 11. As security the State Treasurer may, in his discretion, accept bonds of the United States, of this State or of any county, city or town of this State, school bonds and bonds of boards of education or State and municipal bonds of other states, or bonds or notes secured? by mortgages or trust deeds on unencumbered real estate located in this State, such real estate worth at least double the sum invested or loaned. Securities other than bonds of the United States, or of this State, or of counties, cities and towns of this State, shall be accepted at not exceeding ninety per cent of their market value. All securities shall be subject to acceptance only upon approval of the State Treasurer. With the increase or reduction of the amount of State money on deposit, there may be an increase or reduction in the amount of securities so deposited and the State Treasurer may require additional securities in case of the depreciation of securities so deposited with him. A bank shall have a right to demand and receive securities on deposit by it in excess of those required to protect deposits of State moneys under the terms of this Act.

$ 12. All securities deposited by approved banks under the provisions of this Act shall remain the property of the banks depositing such securities, and may be stamped by the bank so as to indicate that such securities are deposited as collateral. Should the depositary fail or refuse to pay over the moners, or any part thereof, deposited witli it, the State Treasurer may sell such securities upon giving 30 days notice to the depositary bank of his intention so to sell such securities. Such sale shall transfer absolute ownership of the securities so sold to the vendee thereof. The surplus, if any, over the amount due to the State and the expenses of the sale shall be paid to the depositary. Artions may be brought in the name of the People of the State of Illinois

$ 13.

to enforce the claims of the State with respect to any securities deposited by an approved bank.

The State Treasurer shall designate one or more active depositaries. The money deposited with inactive depositaries shall be used only when that deposited in active depositaries is insufficient.

$11. The interest on deposits of moneys made under the provisions of this Act shall be computed upon the average daily balance of all classes of funds on deposit, and shall be remitted to the State treasury on or before the first Monday of each calendar month.

$ 15. A bank approved as a depositary shall cease to be an approved bank, and shall be disqualified by the State Treasurer:

(1) Upon its failure to deposit securities with the State Treasurer;

(2) Upon its failure or refusal to pay over public moneys or any part thereof;

(3) Upon its becoming insolvent or bankrupt, or being placed in the hands of a receiver;

(4) Upon a showing of unsatisfactory financial condition through a report made to, or an examination made by, the Comptroller of the Currency or the Auditor of Public Accounts.

$ 16. Each depositary shall on or before the first Monday of each month render to the State Treasurer a statement in duplicate showing separately the daily balances or amounts of moners held by it under the provisions of this Act during the calendar month then next preceding; and the amounts of accrued interest thereon, one copy of which statement shall be filed in the office of the State Treasurer, and the other in the office of the Auditor of Public Accounts. Such statement shall contain a certificate that no other fees, perquisities or emoluments have been paid to or held for the benefit of any public officer or any other person, or on account of the deposit of such 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 moneys. Such statement shall be verified by the oath of the cashier or of an assistant cashier of the bank.

S 17. The State Treasurer shall keep in his office a record showing his account with each depositary, active or inactive, with entries therein showing the dates and amounts of each deposit, rate of interest. withdrawals and date of each, and balance on deposit. Each account shall show the date and amount of interest received during each interest paying period. Such record shall at all times be open to public inspection.

$ 18. The State Treasurer shall make a monthly report to the Governor giving a detailed statement of the balances on deposit ir: the several banks, and the amount paid by each such bank as interest on moneys so deposited. Such statement shall contain the name of each bank, and the amount in such bank subject to draft at the close of business on the last day of the month for which the report is made, and on the last day of the month next preceding.

§ 19. Nothing in this Act contained shall be held to prevent the State Treasurer from withdrawing any, or all, of the moneys so de posited, for the purpose of paying the appropriations and obligations of the State, nor to prevent his transferring moneys from one depositary to another, and nothing herein contained shall in any way affect: the duty of the State Treasurer to keep a correct and accurate account of all moneys received and to pay out same only on authority of law; but the State Treasurer shall, as heretofore, be personally responsible for the faithful accounting of all moneys paid to him as State Treasurer

. § 20. No bank, or other depositary, holding moneys deposited therewith by the State Treasurer, in accordance with the provisions of this Act, or otherwise, and no officer of any such bank, or other person, shall pay to, withhold for the benefit of, or contract in any manner for the payment to such State Treasurer, or to any other person for him. of any interest, or other fee, perquisite, or emolument, on account of the deposit of such moneys, except such interest as shall be paid to such State Treasurer for the benefit of the State.

$ 21. The making of a personal profit or emolument by the State Treasurer out of any public moneys by loaning, depositing, or otherwise using or disposing of the same in any manner whatsoever, shall be deemed a felony and shall be punished by imprisonment in the penitentiary for a term of not less than one year, nor more than

ten years.

$ 22. No securities, deposited with the State Treasurer, shall be removed from the State treasury except under the terms of this Act. : The misappropriation or use of such securities, otherwise than as prescribed in this Act, shall be deemed a felony and shall be punished by imprisonment in the penitentiary for a term of not less than one, nor more than ten years. The State Treasurer shall be liable upon his official bond for any loss or misappropriation of securities so deposited.

§ 23. Any State official or other person who wilfully violates any provision of this Act, for which a penalty is not otherwise prescribed, or who wilfully neglects or refuses to perform any duty imposed upon such person by the terms of this Act, shall be fined not more than ten thousand dollars, for the benefit of the State, or be imprisoned in the penitentiary for not more than two years, or shall be punished by both such fine and imprisonment.

§ 24. The following Act is hereby renealed, such appeal to take effect February 1st, 1921: "An Act to provide for the deposit of State moneys by the State Treasurer and for the payment of interest on same, and to make an appropriation for the cost of the State Treasurer's official bond or bonds of the employees of his office, approved March 7th, 1908, in force July 1, 1908.”

APPROVED June 28, 1919.

« ForrigeFortsett »