State of Illinois
92nd General Assembly

   [ Search ]   [ PDF text ]   [ Legislation ]   
[ Home ]   [ Back ]   [ Bottom ]

[ Introduced ][ Engrossed ]


HB1905 Enrolled                                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 ,  and  shall  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 Enrolled             -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:
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 Enrolled             -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.

[ Top ]