(105 ILCS 5/34-80)
(from Ch. 122, par. 34-80)
Liability on treasurer's bond.
The school treasurer shall be liable on his official bond as city
treasurer for the proper performance of his duties and the conservation of
all moneys held by him under this article. It is hereby made the duty of
the city council in fixing the amount, the penalty and conditions of said
official bond to do so in such manner as will save the board from any loss.
This Section does not prevent the city council from designating a bank
or savings and loan association as a depository of school moneys in the
manner prescribed in the "Revised
Cities and Villages Act", as amended and Section 34-77.
(Source: P.A. 83-541.)