An Illinois school treasurer bond is a special surety bond required by Illinois School Code. Pursuant to 105 ILCS 5/8-2, no school treasurer may received funds or assets from the state or any designated school fund until the bond is properly filed. Per Article 8, "Before entering upon his or her duties, each school treasurer shall execute a bond payable to the school board of each district for which he or she is treasurer and conditioned upon the faithful discharge of his or her duties. The penalty of the school treasurer bond must be twenty five percent (25%) of the amount of all bonds, notes, mortgages, moneys and effects of which he is to have the custody. The surety bond may be increased or decreased from time to time, as the the amount of notes, bonds, mortgages, moneys and effects may fluctuate, and whenever in the judgment of the regional superintendent of schools, of the township trustees, or the school board of the district by which the school treasurer was appointed or elected, the penalty of the bond should be modified subject to the 25% rule.
Public official bonds generally run concurrently with the official's term of office. The Illinois school treasurer's bond does not contain a cancellation provision however cancellation for cause usually occurs where the official has committed some act that has necessitated a claim against the bond and often is the result of a claim. This class of business is historically very stable and low loss however large bond penalties require a surety underwriter to consider carefully the nature of the obligation, the underlying statutory responsibilities placed on the school treasurer, his or her education, training and experience for the position and where money handling duties are required, and that the applicant has demonstrated responsible, adult management of his or her own personal financial affairs. Commercial crime or fidelity bond coverage is also often required by surety underwriters.
Illinois surety bond leader, Surety One, Inc. offers this class of bond to elected and appointed officials at all levels of government, school boards and public/private positions. 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 school treasurer bond requirement with an underwriter.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
Also see Illinois Library Treasurer Bond required under ILCS Chap. 81, Sec. 4-9.