(70 ILCS 1865/20) (from Ch. 19, par. 198)
Sec. 20.
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,
and 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 of the office and the payment
of all money received by him according to law and the orders of the Board.
The Board may, at any time, require a new bond from the treasurer in such
penal sum as may then 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 these funds. The oaths of office and the treasurer's bond shall be
filed in the principal office of the District.
(Source: P.A. 83-541.)
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