State Codes and Statutes

State Codes and Statutes

Statutes > Illinois > Chapter5 > 98

    (5 ILCS 270/0.01) (from Ch. 103, par. 15.9)
    Sec. 0.01. Short title. This Act may be cited as the Official Bond Payment Act.
(Source: P.A. 86‑1324.)

    (5 ILCS 270/1) (from Ch. 103, par. 16)
    Sec. 1. The State or any county, township, municipality, or public board or body, whether organized under general or special Act, shall pay out of its funds the cost of any official bond furnished by any officer of the State, county, township, municipality, or public board or body required by its laws, rules, or regulations to execute the bond if the officer furnishes the bond with a surety company or companies authorized to do business in this State under the laws of this State and, if the surety on any official bond is not such a surety company or companies, the State, county, township, municipality, or public board or body shall pay out of its funds the cost of any bond or bonds indemnifying the surety against liability on the official bond. The total amount of the indemnity, however, must correspond to the total obligation of the surety on the official bond, and the indemnitor or indemnitors must be a company or companies authorized by the laws of this State to execute the indemnifying bond or bonds. A county that has elected to self‑insure under Section 9‑103 of the Local Governmental and Governmental Employees Tort Immunity Act may also elect to self‑insure with respect to official bonds and shall, thus, satisfy the requirements of this Section. A township located in a county with the township form of government and a road district comprised of that township may jointly obtain, from a risk management pool of townships, any official bonds required by law to be furnished by officers of the township or road district. A road district located in a county without the township form of government may obtain, from a risk management pool of townships and road districts, any official bonds required by law to be furnished by officers of the road district. A municipality may obtain, from a risk management pool of municipalities, any official bonds required by law to be furnished by officers of the municipality.
(Source: P.A. 93‑291, eff. 1‑1‑04.)