Public Act 093-0291
Public Act 93-0291 of the 93rd General Assembly
Public Act 93-0291
SB1382 Enrolled LRB093 04039 MKM 04078 b
AN ACT in relation to municipalities.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Official Bond Payment Act is amended by
changing Section 1 as follows:
(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. 87-738; 88-360.)
Section 99. Effective date. This Act takes effect on
January 1, 2004.
Effective Date: 1/1/2004
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