Agenda Item
Meeting Date: 6/17/2019 - 6:00 PM
Category: ROLL CALL ACTION ITEMS
Type: Action
Subject: Approval of a Resolution Regarding Designation of Depositories
Strategic Plans:
Enclosure:
File Attachment:
Summary: The Board of Education is required to annually authorize the designation of financial institutions as depositories of school funds. There are no changes from the previously approved list.
Funding:
Approved in original budget or revised budget
Funds currently available in specified line item
If not currently available in line item, where are funds available
Resolution: The Superintendent recommends adoption of the following resolution:

WHEREAS, Joseph Bascio, Treasurer of Springfield School District No. 186, has requested this Board to designate an approved depository or depositories in which the funds and money which shall come into his hands as Treasurer shall be deposited; and

WHEREAS, after due consideration, this Board finds said request to be reasonable and in conformity with practices of other political subdivisions and bodies politic within this State;

NOW THEREFORE BE IT RESOLVED that the aforesaid Treasurer is hereby directed to deposit all public money and funds now in, or coming into his hands as Treasurer, in his name as Treasurer, in the following financial institutions, but the amount to be deposited in any financial institution shall not exceed seventy-five [75%] percent of the capital and surplus of any such financial institution:

Bank of America, Chicago, Illinois
Bank of Springfield, Springfield, Illinois
Chase Bank, Illinois
Carrollton Bank, Springfield, Illinois
Commerce Bank, St. Louis, Missouri
Fifth Third Securities, Inc.
First Bank, FSB, Springfield, Illinois
Hickory Point Bank & Trust, FSB, Springfield, Illinois
Illini Bank, Springfield, Illinois
Illinois Educators Credit Union, Springfield, Illinois
Illinois National Bank, Springfield, Illinois
Illinois School District Liquid Asset Fund Plus, Illinois
Marine Bank, Springfield, Illinois
Middletown State Bank, Middletown, Illinois
PMA Financial Network Inc., Aurora, Illinois
PNC Bank, Illinois
Prairie State Bank and Trust, Springfield, Illinois
Regions Financial Corporation, Springfield, Illinois
Security Bank, Springfield, Illinois
The Illinois Funds, Springfield, Illinois
Town and Country Bank, Springfield, Illinois
United Community Bank, Springfield, Illinois
US Bank, Illinois
Warren-Boynton State Bank, Springfield, Illinois
Williamsville State Bank, Springfield, Illinois

BE IT FURTHER RESOLVED that the aforesaid Treasurer and the Surety and Sureties of his official bond are hereby relieved and discharged from any liability responsibility growing out of the closing of any of the above-designated official depositories, or the failure of any of said depositories to pay on demand any such funds or money so deposited;

AND BE IT FURTHER RESOLVED that each said depository herein designated as an official school depository for such money and funds shall furnish this Board with a copy of all bank statements which it is required to furnish to the Auditor of Public Accounts or the Comptroller of the Currency while acting as such depository.
Approvals:
Recommended By:
Signed By:
Joseph Bascio - Business Manager
Signed By:
Jennifer E. Gill - Superintendent