Illinois Administrative Code
Title 71 - PUBLIC BUILDINGS, FACILITIES AND REAL PROPERTY
Part 30 - TRUST AGREEMENTS - USING EDUCATIONAL AGENCIES
Section 30.110 - Trust Agreements - Using Educational Agencies
Current through Register Vol. 47, No. 25, June 23, 2023
a) The term "using educational agencies" means "community colleges" as defined in the Public Community College Act [ 110 ILCS 805 ].
b) If the use of a trust is requested by the chief executive officer of any using educational agency and approved by the Executive Director, those monies required to be paid by law by any using educational agency to the Board for that agency's contribution to a construction project may be deposited under a trust agreement with an Illinois bank of the agency's choice. The using educational agency shall receive any interest on the deposited contribution.
c) Pursuant to application by the using educational agency, a trust agreement by the bank and the using educational agency shall contain as a minimum the following provisions:
d) The using educational agency shall be responsible for obtaining the written consent of the bank trustee. Any costs or service fees shall be borne by the using educational agency.
e) For the purpose of this Part, the term "securities of the type utilized to collateralize deposits by the Treasurer of the State of Illinois" means the classes of acceptable securities for public funds to be used by the State Treasurer (see Section 11(a) of the Deposit of State Moneys Act [ 15 ILCS 520 ]).
Amended at 8 Ill. Reg. 20360, effective October 1, 1984
Amended at 43 Ill. Reg. 14093, effective 11/20/2019