(70 ILCS 1807/125)
Sec. 125.
Secretary and treasurer; oath and bond.
The Board shall
appoint a
secretary and a treasurer who need not be members of the Board to hold office
during
the pleasure of the Board. The Board shall fix their duties and compensation.
Before
entering upon the duties of their respective offices, they shall take and
subscribe the
constitutional oath of office and the treasurer shall execute a bond with
corporate
sureties to be approved by the Board. The bond shall be payable to the district
in
whatever penal sum may be directed by the Board conditioned upon the faithful
performance of the duties to the office
and the payment of all money received by him
or her according to law and the orders of the Board. The Board may, at any
time,
require a new bond from the treasurer in any penal sum that may be determined
by the
Board. The obligation of the sureties shall not extend to any loss sustained by
the
insolvency, failure, or closing of any savings and loan association or national
or State
bank wherein the treasurer has deposited funds if the bank or savings and loan
association
has been approved by the Board as a depositary for those funds. The oaths of
office and
the treasurer's bond shall be filed in the principal office of the district.
(Source: P.A. 93-262, eff. 7-22-03.)
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