(70 ILCS 1710/13) (from Ch. 85, par. 1163)
Sec. 13.
Before entering upon
the duties of his office, the treasurer shall execute a bond with corporate
sureties to be approved by the Commission. The bond shall be payable to the
Commission in whatever penal sum may be directed, 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 Commission.
The Commission may, at any time, require a new bond from the treasurer in
such penal sum as may then be determined by the Commission. 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 Commission as a
depository for these funds. The treasurer's bond shall be filed in the
principal office of the Commission.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments
of public funds by public agencies", approved July 23, 1943, as now or hereafter
amended.
(Source: P.A. 83-541.)
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