Pursuant to ILCS 5/49-9, cities have the authority to create public libraries, appoint trustees and administrators. An Illinois library treasurer bond is required from individuals that are chosen to serve on library boards as treasurers. Sec. 4-9 of the Illinois Code states, "In townships and in cities, villages and incorporated towns having a population of 500,000 or less, the board of trustees shall require the treasurer of such board or such other person as may be designated as the custodian of the moneys paid over to such board to give a library treasurer surety bond."
Similar in nature to the Illinois School District Treasurer Bond, the surety bond guarantees that the library treasurer will "safely keep and pay over upon the order of a board of trustees all funds received and held by him or her for such board." The bond must be approved by the overseeing board of trustees and executed in an amount not less than fifty percent (50%) of the total funds received by the library in the last fiscal year.
Within sixty (60) days after the expiration of each fiscal year, of the board of trustees of the city, incorporated town, village or townships must file a report of the condition of their respective trust(s) on the last day of the fiscal year, to the city council, board of trustees or board of town trustees. The report of financial condition is used to determine the sufficiency of the library treasurer bond, ensure an appropriate separation of duties within the treasurer's office and scrutinize expenditures to detect misuses, negligent or dishonest acts of the bonded treasurer.
Illinois surety bond leader, Surety One, Inc. offers the public official class of bond to elected and appointed positions at all levels of government, school boards and public/private institutiions. Our special underwriting strategy permits us to offer public official surety bonds to applicants even where he or she may have damaged credit. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here to discuss your Illinois library treasurer bond requirement with an underwriter.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.