Yesterday, I posted the names of banks, mainly, out-of-state, in which Supervisor Chuck Lutzow, as Road District Treasurer, has invested Highway Department money.

Here they are again:

I remember when I was McHenry County Treasurer in the late 1960’s that for banks which the County Board approved I could not be held personally responsible if a loss occurred.

Below is the language that refers to township government:

(60 ILCS 1/70-10)
    Sec. 70-10. Depository for township moneys. 
    (a) The township board shall from time to time, when requested by the supervisor, designate one or more banks or savings and loan associations in which the funds and moneys of the township in the custody of the supervisor shall be kept. When a bank or savings and loan association has been designated as a depository, it shall continue as a depository until 10 days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities required by Section 6 of the Public Funds Investment Act. 
   (b) When a new depository is designated, the township board shall notify the sureties of the supervisor of that fact, in writing, at least 5 days before the transfer of funds. The supervisor shall be discharged from responsibility for all township funds and moneys which he or she deposits in a depository designated under this Section while those funds and moneys are deposited.
    (c) No bank or savings and loan association shall receive public funds under this Section unless it has complied with Section 6 of the Public Funds Investment Act. 
(Source: P.A. 83-1362; 88-62.)

Below are the names financial institutions, all in Illinois, which have been approved by the Algonquin Township Board: