Illinois School District Treasurer's Bonds

Treasurer's (Surety) Bonds

Overview

Created for Illinois School Districts
Accepted by the Illinois State Board of Education
Competitively Priced
Sponsored by Illinois Association of School Boards and
Illinois Association of School Administrators
Special Purpose Bonds are available (see below)

One of the most important elements of managing a successful school district budget is to have all of the necessary components to make the system work. At Brokers' Risk, we can provide you with an important component - a School Treasurer's Bond.

Illinois school code requires school districts to provide a Treasurer's Bond covering their school treasurer for an amount of money determined by the State Legislature (see following for details).

Treasurer's Bonds Specifically Created for Illinois School Districts

The Illinois School Code, Article 8, Section 8-2 [105 ILCS 5/8-2], provides that each school treasurer shall execute a bond, payable either to township trustees or the school board of each district for which he or she is treasurer or its successors in office. The penalty of the bond shall be 10% of the amount of all bonds, notes, mortgages, moneys and effects of which he [or she] is to have the custody as measured on the final day of the school district's most recent fiscal year.

School District Bond Highlights:

Up to $15.25 million of protection available
Higher limits are considered on a case by case basis
Bonds meet statutory government requirements
Our underwriting staff provides professional and timely service

Treasurer's Bonds for Special Purpose Bond Issuance

Many school districts may borrow money for the purpose of building, equipping, altering, or repairing school buildings or purchasing or improving school sites, or acquiring and equipping playgrounds, recreation grounds, athletic fields, and other buildings or land used or useful for school purposes or for the purpose of purchasing a site, with or without a building or buildings thereon. Surety bonds are required for these purposes and Brokers' Risk offers such bonds which we refer to as "Special Purpose Bonds." Brokers' Risk provides Special Purpose Bonds for the handling of special funds such as new construction, life safety and working cash.

Service From an Industry Leader

Since 1982, Brokers' Risk, a division of One80 Intermediaries, Inc. has enjoyed a strong relationship with the Illinois Association of School Boards (IASB). In addition, the Treasurer's Bond form is accepted by the Illinois State Board of Education, Regional Superintendents, and township trustees.