(A) Bonds required by § 30.01 shall provide that the obligation of the sureties shall not extend to any loss sustained by the insolvency, failure, or closing of any bank organized and operating either under the laws of the state or of the United States, wherein the officer has placed funds in his custody, if the bank or depository has been approved by the corporate authorities as a depository for these funds.
(B) Bonds shall be filed with the City Clerk, except that the bond of the City Clerk shall be filed with the City Treasurer.
('69 Code, § 2-4)
Statutory reference:
Bond of city officers, ILCS Ch. 65, Act 5, § 3.1-10-30