(A) Amount. Bonds of city officers required under ILCS Ch. 65, Act 5, § 3-14-3 shall be executed in the following penal sums:
(1) Mayor: $ 3,000
(2) City Clerk: $10,000
(3) City Treasurer: $100,000 (Minimum)
(B) Premium payment by city. The surety bonds required by law shall be paid by the city.
(C) Surety. 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 appear as bondsman or security. 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.
(1993 Code, § 1-2-26)
Statutory reference:
See similar provisions, ILCS Ch. 5, Act 270, § 1