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92_HB1905eng HB1905 Engrossed LRB9206267NTcd 1 AN ACT concerning higher education. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Public Community College Act is amended 5 by changing Section 3-19 as follows: 6 (110 ILCS 805/3-19) (from Ch. 122, par. 103-19) 7 Sec. 3-19. Before entering upon his duties, each 8 treasurer shall execute a bond with 2 or more persons having 9 an interest in real estate who are not members of the board 10 of the district, or with a surety company authorized to do 11 business in this State, as sureties, payable to the board of 12 the community college district for which he is treasurer and 13 conditioned upon the faithful discharge of his duties. Except 14 for the bond of the treasurer of a community college district 15 in a city having a population of 500,000 or more inhabitants, 16 the penalty of the bond shall be 25% of the amount of all 17 bonds, notes, mortgages, moneys, and effects of which the 18 treasurer is to have custody, whether individuals act as 19 surety or whether the surety is given by a surety authorized 20 to do business in this State. However, the penalty of the 21 bond of the treasurer of a community college district in a 22 city having a population of 500,000 or more inhabitants shall 23 be at least twice the amount of all bonds, notes, mortgages, 24 moneys and effects of which he is to have the custody, if 25 individuals act as sureties, or in the amount only of such 26 bonds, notes, mortgages, moneys and effects if the surety 27 given is by a surety company authorized to do business in 28 this State. In all community college districts, the penalty 29 of the bond of the treasurer, andshall be increased or 30 decreased from time to time, as the increase or decrease of 31 the amount of notes, bonds, mortgages, moneys and effects may HB1905 Engrossed -2- LRB9206267NTcd 1 require, and whenever in the judgment of the State board the 2 penalty of the bond should be increased or decreased. The 3 bond must be approved by at least a majority of the board of 4 the community college district and filed with the State 5 Board. A copy of the bond must also be filed with the county 6 clerk of each county in which any part of the community 7 college district is situated. The bond shall be in 8 substantially the following form: 9 STATE OF ILLINOIS) 10 ) SS. 11 .......... COUNTY) 12 We, .... and .... are obligated, jointly and severally, 13 to the Board of Community College District No. ...., County 14 (or Counties) of .... and State of Illinois in the penal sum 15 of $...., for the payment of which we obligate ourselves, our 16 heirs, executors and administrators. 17 Dated (insert date). 18 The condition of this obligation is such that if ...., 19 treasurer in the district above stated, faithfully discharges 20 the duties of his or her office, according to law, and 21 delivers to his or her successor in office, after that 22 successor has qualified by giving bond as provided by law, 23 all moneys, books, papers, securities and property, which 24 shall come into his or her possession or control, as such 25 treasurer, from the date of his or her bond to the time that 26 his or her successor has qualified as treasurer, by giving 27 such bond as is required by law, then this obligation to be 28 void; otherwise to remain in full force and effect. 29 Signed:..................... 30 ............................ 31 ............................ 32 ............................ 33 Approved and accepted by Board of Community College 34 District No. .... County (or Counties) of .... and State of HB1905 Engrossed -3- LRB9206267NTcd 1 Illinois. By .... Chairman .... Secretary 2 No part of any State or other district funds may be paid 3 to any treasurer or other persons authorized to receive it 4 unless the treasurer has filed his or her bond as required 5 herein. 6 (Source: P.A. 91-357, eff. 7-29-99.) 7 Section 99. Effective date. This Act takes effect upon 8 becoming law.