Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(105 ILCS 5/19-6) (from Ch. 122, par. 19-6)
Sec. 19-6. Bond money to school treasurer - Delivery of bonds - Record -
Payment. All moneys borrowed under the authority of this Act, except money
borrowed by school districts having a population of more than 500,000
inhabitants, shall be paid to the school treasurer of the district. The
treasurer shall, before receiving any of the money, execute a bond with
a surety company authorized to do business in this State, as
surety, payable to the school board of the district in Class I county
school units or township trustees in Class II county school units and
conditioned upon the faithful discharge of his duties, except that the bond
required of the school treasurer of a school district which is located in a
Class II county school unit but which no longer is subject to the
jurisdiction and authority of a township treasurer or trustees of schools
of a township because the district has withdrawn from the jurisdiction and
authority of the township treasurer and trustees of schools of the township
or because those offices have been abolished as provided in subsection (b)
or (c) of Section 5-1 shall be payable to the school board of such district
and conditioned upon the faithful discharge of his duties. The bond shall
be submitted for approval or rejection to the school board of the district
or to the township trustees to which such bond is payable. The penalty of
the bond or bonds shall be an amount no less than 10% of the amount of such
bond issue, whether
individuals act as surety or whether the
surety is given by a surety company authorized to transact business in this
State. The bond shall be in substantially the same form as that required by
Section 8-2 of this Act and when so given shall fully describe the bond
issue which it specifically covers and shall remain in force until the
funds of the bond issue are taken into account in determining the penalty amount for the surety bond required by Section 8-2 of this Code.
Upon receiving such moneys the treasurer shall deliver the bonds issued
therefor to the persons entitled to receive them, and shall credit the
funds received to the district issuing the bonds. The treasurer shall
record the amount received for each bond issued. When any bonds are paid
the treasurer shall cancel them and shall enter, against the record of the
bonds, the words, "paid and cancelled the .... day of ...., 1 ....,"
filling the blanks with the day, month, and year corresponding to the date
of payment.
(Source: P.A. 103-49, eff. 6-9-23.)
|
