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110 ILCS 805/3-19
(110 ILCS 805/3-19) (from Ch. 122, par. 103-19)
Sec. 3-19.
Before entering upon his duties, each treasurer
shall execute a bond with 2 or more persons having an interest
in real estate who are not members of the board of the
district, or with a surety company authorized to do business in this State,
as sureties, payable to the board of the community college district for
which he is treasurer and conditioned upon the faithful discharge of his
duties. The penalty of
the bond shall be 25% of the amount of all bonds, notes, mortgages, moneys, and
effects of which the treasurer is to have custody, whether individuals act as
surety or whether the surety is given by a surety authorized to do business in
this State. The penalty of the bond of the treasurer shall
be
increased or decreased from time to time, as the increase or decrease of
the amount of notes, bonds, mortgages, moneys and effects may require, and
whenever in the judgment of the State board the penalty of the bond should
be increased or decreased. The bond must be approved by at least a majority
of the board of the community college district and filed with the State
Board. A copy of the bond must also be filed with the county clerk of each
county in which any part of the community college district is situated. The
bond shall be in substantially the following form:
STATE OF ILLINOIS) ) SS........... COUNTY)
We, .... and .... are obligated, jointly and severally, to the Board of
Community College District No. ...., County (or Counties) of .... and State
of Illinois in the penal sum of $...., for the payment of which we obligate
ourselves, our heirs, executors and administrators.
Dated (insert date).
The condition of this obligation is such that if ....,
treasurer in the district above stated, faithfully discharges the duties of
his or her office, according to law, and delivers to his or her successor in
office, after that successor has qualified by giving bond as provided by law,
all moneys, books, papers, securities and property, which shall come into his
or her possession or control, as such treasurer, from the date of his
or her bond to the time that his or her successor has qualified as
treasurer, by giving such bond as is required by law, then this obligation
to be void; otherwise to remain in full force and effect.
Signed:.....................
............................
............................
............................
Approved and accepted by Board of Community College District No. ....
County (or Counties) of .... and State of Illinois.
By .... Chairman .... Secretary
No part of any State or other district funds may be paid to any
treasurer or other persons authorized to receive it unless the treasurer
has filed his or her bond as required herein.
(Source: P.A. 92-167, eff. 7-26-01; 93-163, eff. 7-10-03.)
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