5 ILCS 270/ Official Bond Payment Act.

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

5 ILCS 270/0.01

(5 ILCS 270/0.01) (from Ch. 103, par. 15.9)

Sec. 0.01.

Short title.

This Act may be cited as the

Official Bond Payment Act.

(Source: P.A. 86-1324.)

5 ILCS 270/1

(5 ILCS 270/1) (from Ch. 103, par. 16)

Sec. 1.

The State or any county, township, municipality, or public
board or body, whether organized under general or special Act,
shall pay out of its funds the cost of any official bond
furnished by any officer of the State, county, township,
municipality, or public board or body required by its laws,
rules, or regulations to execute the bond if the officer furnishes the
bond with a surety company or companies authorized to do business in this
State under the laws of this State and, if the surety on any official bond
is not such a surety company or companies, the State, county, township,
municipality, or public board or body shall pay out of its funds the cost
of any bond or bonds indemnifying the surety against liability on the
official bond. The total amount of the indemnity, however, must correspond
to the total obligation of the surety on the official bond, and the
indemnitor or indemnitors must be a company or companies
authorized by the laws of this State to execute the
indemnifying bond or bonds.  A county that has elected to self-insure
under Section 9-103 of the Local Governmental and Governmental Employees
Tort Immunity Act may also elect to self-insure with respect to official
bonds and shall, thus, satisfy the requirements of this Section.
A township located in a county with the township form of government and a
road district comprised of that township may jointly obtain,
from a risk management pool of townships, any official bonds required by law to
be furnished by officers of the township or road district.
A road district located in a county without the township form of government may
obtain, from a risk management pool of townships and road districts, any
official bonds required by law to be furnished by officers of the road
district.
 A municipality may obtain, from a risk management pool of municipalities,
any official bonds required by law to be furnished by officers of the
municipality.

(Source: P.A. 93-291, eff. 1-1-04.)