Treasurers' & Special
Purpose Bonds (Surety Bonds)
Overview
Created for School Districts
Accepted by ISBE
Competitively Priced
Treasurers' Bonds Specifically Created for School Districts
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 Treasurers' Bond.
Illinois school code requires school districts
to provide a Treasurers' Bond covering
their school treasurer for an amount of money determined
by the State Legislature
(see following for details).
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 25% of the amount of all bonds,
notes, mortgages, moneys and effects of which he [or she]
is to have the custody," and "shall be increased
or decreased from time to time, as the increase or decrease
of the amount of notes, bonds, mortgages, moneys and effects
may require, and whenever in the judgment of the regional
superintendent of schools," the township trustees, "or
the school board of the district by which the school treasurer
was appointed or elected, the penalty of the bond should
be increased or decreased; provided that the penalty of
the bond shall not be increased to more than 25% of the
amount of all bonds, notes, mortgages, moneys and effects
of which the treasurer has custody at any time." P.A.
91-357, eff. 7-29-99
Service From an Industry Leader
Since 1982, BRPS has enjoyed a strong relationship with
the Illinois Association of School Boards (IASB) . BRPS'
treasurers' bonds are sponsored by the IASB, and have been
accepted by the Illinois State Board of Education, Regional
Superintendents, and township trustees.
School District Bond Highlights:
Up to $20 million of protection available
(Higher
limits are considered
on a case by case basis)
Bonds meet government requirements
Bonds are accepted by the Illinois State Board of Education
Bonds are offered at very competitive rates
Our underwriting staff provides professional and timely
service
Special Purpose bonds available include life safety,
working cash,
and new construction
Bonds for Other Purposes ("Special Purpose Bonds")
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 BRPS offers
such bonds which we refer to as "Special Purpose Bonds." In
addition BRPS provides special purpose bonds for the handling
of special funds such as new construction, life safety
and working cash. Like our School Treasurers' Bonds, BRPS
Special Purpose Bonds are offered at a 40% discount as
compared to our competition.
Click
Here to obtain an application and apply for coverage
today!
