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90_SB1620
110 ILCS 805/3-19 from Ch. 122, par. 103-19
Amends the Public Community College Act. For community
college districts other than a district in a city of at least
500,000 inhabitants, changes the amount of the required bond
for treasurers to 25% (now 200% or 100% in all districts,
depending upon whether individuals or an authorized surety
company provide the surety) of the amount of all bonds,
notes, mortgages, moneys, and effects of which the treasurer
has custody. Effective immediately.
LRB9009760THpk
LRB9009760THpk
1 AN ACT to amend the Public Community College Act by
2 changing Section 3-19.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Public Community College Act is amended
6 by changing Section 3-19 as follows:
7 (110 ILCS 805/3-19) (from Ch. 122, par. 103-19)
8 Sec. 3-19. Before entering upon his duties, each
9 treasurer shall execute a bond with 2 or more persons having
10 an interest in real estate who are not members of the board
11 of the district, or with a surety company authorized to do
12 business in this State, as sureties, payable to the board of
13 the community college district for which he is treasurer and
14 conditioned upon the faithful discharge of his duties. Except
15 for the bond of the treasurer of a community college district
16 in a city having a population of 500,000 or more inhabitants,
17 the penalty of the bond shall be 25% of the amount of all
18 bonds, notes, mortgages, moneys, and effects of which the
19 treasurer is to have custody, whether individuals act as
20 surety or whether the surety is given by a surety authorized
21 to do business in this State. However, the penalty of the
22 bond of the treasurer of a community college district in a
23 city having a population of 500,000 or more inhabitants shall
24 be at least twice the amount of all bonds, notes, mortgages,
25 moneys and effects of which he is to have the custody, if
26 individuals act as sureties, or in the amount only of such
27 bonds, notes, mortgages, moneys and effects if the surety
28 given is by a surety company authorized to do business in
29 this State. In all community college districts, the penalty
30 of the bond of the treasurer, and shall be increased or
31 decreased from time to time, as the increase or decrease of
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1 the amount of notes, bonds, mortgages, moneys and effects may
2 require, and whenever in the judgment of the State board the
3 penalty of the bond should be increased or decreased. The
4 bond must be approved by at least a majority of the board of
5 the community college district and filed with the State
6 Board. A copy of the bond must also be filed with the county
7 clerk of each county in which any part of the community
8 college district is situated. The bond shall be in
9 substantially the following form:
10 STATE OF ILLINOIS)
11 ) SS.
12 .......... COUNTY)
13 We, .... and .... are obligated, jointly and severally,
14 to the Board of Community College District No. ...., County
15 (or Counties) of .... and State of Illinois in the penal sum
16 of $...., for the payment of which we obligate ourselves, our
17 heirs, executors and administrators.
18 Dated ............ 19..
19 The condition of this obligation is such that if ....,
20 treasurer in the district above stated, faithfully discharges
21 the duties of his or her office, according to law, and
22 delivers to his or her successor in office, after that
23 successor has qualified by giving bond as provided by law,
24 all moneys, books, papers, securities and property, which
25 shall come into his or her possession or control, as such
26 treasurer, from the date of his or her bond to the time that
27 his or her successor has qualified as treasurer, by giving
28 such bond as is required by law, then this obligation to be
29 void; otherwise to remain in full force and effect.
30 Signed:.....................
31 ............................
32 ............................
33 ............................
34 Approved and accepted by Board of Community College
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1 District No. .... County (or Counties) of .... and State of
2 Illinois. By .... Chairman .... Secretary
3 No part of any State or other district funds may be paid
4 to any treasurer or other persons authorized to receive it
5 unless the treasurer has filed his or her bond as required
6 herein.
7 (Source: P.A. 84-1308.)
8 Section 99. Effective date. This Act takes effect upon
9 becoming law.