Public Act 93-0163

HB1387 Enrolled                      LRB093 04282 NHT 04328 b

    AN ACT relating to higher education.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.   The Public Community College Act is amended
by changing Section 3-19 as follows:

    (110 ILCS 805/3-19) (from Ch. 122, par. 103-19)
    Sec.  3-19.   Before  entering  upon  his  duties,   each
treasurer  shall execute a bond with 2 or more persons having
an interest in real estate who are not members of  the  board
of  the  district,  or with a surety company authorized to do
business in this State, as sureties, payable to the board  of
the  community college district for which he is treasurer and
conditioned upon the faithful discharge of his duties. Except
for the bond of the treasurer of a community college district
in a city having a population of 500,000 or more inhabitants,
The penalty of the bond shall be 25% of  the  amount  of  all
bonds,  notes,  mortgages,  moneys,  and effects of which the
treasurer is to have  custody,  whether  individuals  act  as
surety  or whether the surety is given by a surety authorized
to do business in this State.  However, the  penalty  of  the
bond  of  the  treasurer of a community college district in a
city having a population of 500,000 or more inhabitants shall
be at least twice the amount of all bonds, notes,  mortgages,
moneys  and  effects  of  which he is to have the custody, if
individuals act as sureties, or in the amount  only  of  such
bonds,  notes,  mortgages,  moneys  and effects if the surety
given is by a surety company authorized  to  do  business  in
this  State.  In all community college districts, The penalty
of the bond of the treasurer shall be increased or  decreased
from  time to time, as the increase or decrease of the amount
of notes, bonds, mortgages, moneys and effects  may  require,
and  whenever  in the judgment of the State board the penalty
of the bond should be increased or decreased. The  bond  must
be  approved  by  at  least  a  majority  of the board of the
community college district and filed with the State Board.  A
copy of the bond must also be filed with the county clerk  of
each  county  in  which  any  part  of  the community college
district is situated.  The bond shall be in substantially the
following form:
STATE OF ILLINOIS)
                 ) SS.
.......... COUNTY)
    We, .... and .... are obligated, jointly  and  severally,
to  the  Board of Community College District No. ...., County
(or Counties) of .... and State of Illinois in the penal  sum
of $...., for the payment of which we obligate ourselves, our
heirs, executors and administrators.
    Dated (insert date).
    The  condition  of  this obligation is such that if ....,
treasurer in the district above stated, faithfully discharges
the duties of his  or  her  office,  according  to  law,  and
delivers  to  his  or  her  successor  in  office, after that
successor has qualified by giving bond as  provided  by  law,
all  moneys,  books,  papers,  securities and property, which
shall come into his or her possession  or  control,  as  such
treasurer,  from the date of his or her bond to the time that
his or her successor has qualified as  treasurer,  by  giving
such  bond  as is required by law, then this obligation to be
void; otherwise to remain in full force and effect.
                                 Signed:.....................
                                 ............................
                                 ............................
                                 ............................
    Approved and  accepted  by  Board  of  Community  College
District  No.  .... County (or Counties) of .... and State of
Illinois. By .... Chairman   .... Secretary
    No part of any State or other district funds may be  paid
to  any  treasurer  or other persons authorized to receive it
unless the treasurer has filed his or her  bond  as  required
herein.
(Source: P.A. 91-357, eff. 7-29-99; 92-167, eff. 7-26-01.)

    Section  99.  Effective date.  This Act takes effect upon
becoming law.