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STATE OF ILLINOIS ___________COUNTY

We, AB, CD and EF, are obligated, jointly and severally, to the (School Board of District No.____ or trustees of township _______ ) in the above mentioned county or successors in office, in the penal sum of $_________, for the payment of which we bind ourselves, our heirs, executors and administrators. Dated ________(insert date) The condition of this obligation is such that if AB, school treasurer, in the above stated county, faithfully discharges the duties of his or her office, according to law, and delivers to his or her successor in office, after such successor has qualified by giving bond as provided by law, all moneys, books, papers, securities and control, which have come into his or her possession or control, as such school treasurer, from the date of his or her bond to the time that his or her successor has qualified as school treasurer, by giving such bond as required by law, then this obligation to be void, otherwise to remain in full force and effect. Approved and accepted by: __________________________________ (AB’s Signature) __________________________________ (CD’s Signature) __________________________________ (EF’s Signature) __________________________________ (GH’s Signature) ___________________________________ (IJ’s Signature) ___________________________________ (KL’s Signature) Board of Education or Board of Directors of District No. ____ By___________________ (President, Secretary, or Clerk, or _____ Township Trustees)

Treasurer’sBondsand InsuranceCoverage CanHelpRecoupLossDue toFinancial Fraud When gathering quotes for treasurer bonds, districts should carefully vet the surety companies to ensure the bond complies with the specific language mandated by the Illinois School Code. Certain surety companies issue bonds in Illinois that contain additional terms and conditions aside from those specified in the Illinois School Code. Sometimes, these additional terms and conditions conflict with the express terms of the statute and serve to limit the protections of the bond. Finally, districts should perform their “due diligence’ and consult with a trusted agent. The agent will help them choose a surety company that issues bonds compliant with the Illinois School Code. For further protection, districts also need to purchase insurance coverages in the event of losses due to financial fraud or mistake. By consulting with an agent and purchasing a package of coverages, including school treasurer’s bonds, educational leaders will be good stewards of their schools’ finances. This fiscal peace of mind will enable educators to do what they do best: educate. For more information on treasurer’s bonds and special purpose surety bonds, please visit: https://www. brokersrisk.com/programs/treasurer-s-bonds.

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