§ 70. Deposit and withdrawal of funds; signatures. All funds deposited by the Treasurer in any bank or savings and loan association
shall be placed in the name of the Authority and shall be withdrawn or paid out only
by check or draft upon the bank or savings and loan association, signed by the Treasurer
and countersigned by the Chair of the Authority. Subject to prior approval of the designations by a majority of the Authority, the
Chair may designate any other member or any officer of the Authority to affix the
signature of the Treasurer to any Authority check or draft for payment of salaries
or wages and for payment of any other obligation of not more than $2,500.
No bank or savings and loan association shall receive public funds as permitted by
this Section unless it has complied with the requirements established under Section
6 of the Public Funds Investment Act. 1
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