(A) Before entering upon the duties of his or her office, the City Treasurer shall execute a bond with security, conditioned upon the faithful performance of the duties of his or her office and the payment of all money received by him or her. The bond shall indemnify the city for any loss due to neglect of duty or wrongful act on the City Treasurer’s part.
(B) The amount of the bond shall be not less than the greatest of the following three amounts:
(1) Ten percent of the highest amount of taxes and special assessments received by the City Treasurer during any fiscal year in the preceding five fiscal years;
(2) One and one-half times the largest amount which the city estimates will be in his or her custody at any one time; and
(3) Three times the latest federal census population or any subsequent census figure used for motor fuel tax purposes. The bond shall be filed with the City Clerk as required by state law.
(1986 Code, § 2-137)
Statutory reference:
Similar provisions, see ILCS Ch. 65, Act 5, § 3.1-10-30