The City Treasurer shall give bond in that sum as may be required by the City Council, but the bond shall not be less than 1½ times the amount of the estimated money that may be in his or her custody and not less than an amount in dollars equal to 3 times the latest federal census of the population of the city, whichever amount is greater, or as required by statute, with sureties to be approved by the City Council. The bond shall be conditioned upon the faithful performance by the Treasurer of his or her duties of office, and to indemnify the city for any loss due to any neglect of duty or wrongful act on the part of the Treasurer.
(1969 Code, § 2-165)
Statutory reference:
Similar provisions, see ILCS Chapter 65, Act 5, § 4-4-2