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(A) Amount. Bonds of city officers required under § 3.1-10-30 of the Illinois Municipal Code (ILCS Ch. 65, Act 5, § 3.1-10-30) shall be executed, as required by state statute.
(B) Receipt of bonds. The Finance Director is authorized and directed to obtain a public employee’s faithful performance blanket position bond indemnifying the city against any loss caused to the city through the failure of any officer or employee to faithfully perform his or her duties; provided, however, that, this section shall not apply to the City Clerk, City Treasurer and Finance Director.
(C) Premium payment by city. The cost of obtaining bonds for officers or employees payable to the city shall be paid by the city.
(1) The City Council shall not receive or approve any bond or security whereon the name of the City Council, any one of the Aldermen or any elected or appointed officers of the city appears as bondsman or security.
(2) If, by mistake, a bond containing the name of any such officer is approved by the City Council, or if any bondsman, after becoming such, is elected or appointed to any city office, this section shall not act as a release of any such obligation incurred.
(1999 Code, § 31.002) (Ord. 513, passed 6-7-1965; Ord. 1508, passed 9-16-1991; Ord. 3784, passed 12-3-2012)
Cost of official bond, see ILCS Ch. 5, Act 270, § 1