Illinois Statutes Chapter 110. Higher Education § 805/3-19. Treasurer of board; bond

§ 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. The bond must be approved by at least a majority of the board of the community college district. A copy of the bond must 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:

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.

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.