Page images
PDF
EPUB
[ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

range No....

[ocr errors]

in....

§ 1. The township treasurer appointed by the board of trustees of schools shall, before entering upon his duties, execute a bond with two or more freeholders, who shall not be members of the board, as securities, payable to the board of trustees of the township for which he is appointed treasurer, with a sufficient penalty to cover all liabilities which may be incurred, conditioned faithfully to perform all the duties of township treasurer in township No. county according to law; which bond shall be approved by at least a majority of the board, and shall be delivered by one of the trustees to the county superintendent of the proper county. And in all cases where such treasurer aforesaid is to have the custody of all bonds, mortgages, moneys and effects denominated principal, and belonging to the township for which he is appointed treasurer, the penalty of said treasurer's bonds shall be twice the amount of all bonds, notes, mortgages, moneys and effects; and shall provide for the faithful accounting for, and turning over, of all such bonds, notes, mortgages, moneys and effects as shall come into his hands while he may act as such treasurer, under such appointment, to his successor, when appointed and qualified, as herein provided, by giving bond. The penalty of said bond shall be increased from time to time, as the increase of the amount of notes, bonds, mortgages and effects may require, and whenever, in the judgment of the trustees or county superintendent, the security is insufficient. Any and every township treasurer appointed subsequent to the first, as herein provided, shall execute bond with security, as is required of the first treasurer.

The bond required in this section shall be in the following form, viz.:

STATE OF ILLINOIS, Į SS.

County, S

Know all men by these presents, that we, A. B., C. D. and E. F., are held and firmly bound, jointly and severally, unto the board of trustees of township. in said county, in the penal sum

of

range.

..dollars, for the payment of which we bind ourselves, our heirs, executors and administrators firmly by these presents.

In witness whereof we have hereunto set our hands and seals this........... day of A. D., 18.... The condition of the above obligation is such that if the above bounden A. B., township treasurer of township range in the county aforesaid, shall faithfully discharge the duties of said office, according to the laws which now are or may hereafter be in force, and shall deliver to his successor in office, after such successor shall have fully qualified by giving bond as provided by law, all moneys, books, papers, securities and property which shall come into his hands or control, as such township treasurer, from the date of this bond up to the time that his successor shall have duly qualified as township treasurer, by giving such bond as shall be required by law, then this obligation to be void; otherwise to remain in full force and virtue.

[blocks in formation]

§ 2. Every township treasurer shall provide himself with two well bound books, the one to be called a cash book, the other a loan book. He shall charge himself in the cash book with all moneys received, stating the charge, when, from whom, and on what account received, and credit himself with all moneys paid or loaned, stating the amount loaned, the date of the loan, the rate of interest, the time when payable, the name of the securities; or, if real estate to be taken, a description of the same.

He shall also enter, in separate accounts, moneys received and moneys paid out, charging the first to debit account, and crediting the latter as follows, to-wit:

First The principal of the township fund, when paid in and when paid out.

Second-The interest of the township fund, when received and when paid out.

Third―The common school fund and other funds, when received from the county superintendent and when paid out.

Fourth-The taxes received from the county or town collector, for what district received, and when and for what purpose paid out.

Fifth-Donations received.

Sixth-Moneys coming from all other sources; and in all cases entering the date when received, and when paid out. And he shall also arrange and keep his books and accounts in such other manner as may be directed by the State or county superintendent or the board of trustees. He shall also provide a book, to be called a journal, in which he shall record, fully and at length, the acts and proceedings of the board, their

orders, by-laws and resolutions. And he shall also provide a book, to be called a record, in which he shall enter a brief description of all notes or bonds belonging to the township, and upon the opposite page he shall note down when paid, or any remarks to show where or in what condition it is, as in the following form, viz.:

[blocks in formation]

A. B., C. D., E. F. January 1, 18.. January 1, 18..

[blocks in formation]

All the books and accounts of the treasurer shall at all times be subject to the inspection of the trustees, directors or other person authorized by this act, or by any committee appointed by the voters of the township, at the annual election of trustees, to examine the same.

§ 3. Township treasurers shall loan, upon the following conditions, all moneys which shall come to their hands by virtue of their office, except such as may be subject to distribution. The rate of interest shall not be less than six (6) per cent., nor more than eight (8) per cent. per annum,* payable annually, the rate of interest to be determined by a majority of the township trustees at any regular or special meeting of their board. No loans shall be made for less than six (6) months, nor more than five (5) years. For all sums not exceeding two hundred dollars ($200) loaned for not more than one year, two (2) responsible sureties shall be given; for all sums over two hundred dollars ($200), and for all loans for more than one (1) year, security shall be given by mortgage on real estate unincumbered, in value forty per cent. more than the amount loaned, with a condition that in case additional security shall be at any time required, the same shall be given to the satisfaction of the board of trustees for the time being: Provided, that nothing herein shall prevent the loaning of township funds to boards of school directors, taking bonds therefor, as provided in section. 1, article IX, of this act.

§ 4. Notes, bonds, mortgages and other securities taken for money or other property due, or to become due to the board of trustees for the township, shall be payable to the said board by their corporate name; and in such name, suits, actions and complaints, and every description of legal proceedings may be had for the recovery of money, the breach of contracts and for every legal liability which may at any time arise or exist, or upon which a right of action shall accrue to the use of such corporation: Provided, however, that notes, bonds, mortgages and other securities in which the name of the county superintendent, or of the trustees of schools are inserted, shall be valid

* 7 per cent. is the highest rate allowed by law on loans made on or after July 1, 1891.

to all intents and purposes, and suit shall be brought in the name of the board of trustees as aforesaid. The wife of the mortgagor (if he is married) shall join in the mortgage given to secure the payment of money loaned by virtue of the provisions of this act.

§ 5. Whenever there is a surplus fund in the treasurer's hands belonging to any school district, the treasurer may loan the same for the use and benefit of such district, upon the written request of the directors of said district and not otherwise; and all such loans shall be on the same conditions as are prescribed in this article for the loaning of township funds. § 6. The township treasurer shall, on or before the 30th day of June, annually, prepare and deliver to the county superintendent of his county, a statement, verified by his affidavit, showing the exact condition of the township funds. Said statement shall contain a description of the securities, bonds, mortgages and notes belonging to the township, giving names of securities, dates, amount of loans, rate of interest, when due, and all data by which a full understanding of the condition of the funds may be obtained. The county superintendent shall preserve such statement for the use of the township.

§ 7. Mortgages to secure the payment of money loaned under the provisions of this act, may be in the following form, viz.: I, A. B., of the county of and State of... hereby grant, convey and transfer to the trustees of school of township range No... in the county of....

[ocr errors]

do

and State

of Illinois, for the use of the inhabitants of said township, the following described real estate, to-wit: (Here insert premises), which real estate I declare to be in mortgage for the payment of... ....dollars loaned to me, and for the payment of all interest that may accrue thereon to be computed at the rate of..............per cent. per annum until paid. And I do hereby covenant to pay the said sum of money in..... .years from the date hereof, and to pay the interest on the same annually, at the rate aforesaid. I further covenant that I have a good and valid title to said estate, and that the same is free from all incumbrance, and that I will pay all taxes and assessments which may be levied on said estate, and that I will give any additional security that may at any time be required in writing by said board of trustees; and if said estate be sold to pay said debt, or any part thereof, or for any failure or refusal to comply with or perform the conditions of covenant herein contained, I will deliver immediate possession of the premises. And it is further agreed, by and between the parties, in case a bill is filed in any court to foreclose this mortgage for non-payment of either principal or interest, that the mortgagor will pay a reasonable solicitor's fee, and the same shall be included in the decree and be taxed as costs: and we, A. B., and C., wife of A. B., hereby release all right to the said premises which we may have by virtue of any homestead laws of this State, and in consideration of the premises, C., wife of A. B., doth hereby release to said board all her right and title of dower in the aforegranted premises for the purpose aforesaid.

In testimony whereof, we have hereby set our hands and seals this ..day of... 18....

A. B. (Seal.)
C. R. (Seal.)

Which mortgage shall be acknowledged and recorded as is required by law for other conveyances of real estate, the mortgagor paying expenses of acknowledgment and recording.

On payment of any school mortgage in full, it shall be the duty of the trustees of schools to give a deed of release of such mortgage or to enter satisfaction thereof upon the record, such deed of release or satisfaction to be executed by the township treasurer.

§ 8. Upon the breach of any condition or stipulation contained in said mortgage, an action may be maintained and damages recovered as upon other covenants; but mortgages made in any other form to secure payment, as aforesaid, shall be valid as if no form had been prescribed. In estimating the value of real estate mortgaged to secure the payment of money loaned under the provisions of this law, the value of improvements liable to be destroyed may be included; but in any such case said improvements shall be insured for, the insurable value thereof in some safe and responsible insurance company or companies, and the policy or policies of insurance shall be transferable to the board of trustees as additional security for any loan, and shall be kept so insured until the loan is paid.

§ 9. In all cases where the board of trustees shall require additional security for the payment of money loaned, and such security shall not be given, the township treasurer shall cause suit to be instituted for the recovery of the same, and all interest thereon to the date of judgment: Provided, that proof be made of the said requisition.

§ 10. In the payment of debts by executors and administrators, those due the common school or township fund shall have a preference over all other debts, except funeral expenses, the widows award, and the expenses attending the last sickness, not including the physician's bill. And it shall be the duty of the township treasurer to attend at the office of the probate judge upon the proper day, as other creditors, and have any debts, as aforesaid, probated and classed, to be paid as aforesaid.

§ 11. If default be made in the payment of interest due upon money loaned by any county superintendent or township treasurer, or in the payment of the principal, interest at the rate of twelve per cent. per annum shall be charged upon the principal and interest from the day of default, which interest shall be included in the assessment of damages; or in the judgment in the suit or action brought upon the obligation to enforce payment thereof, and interest as aforesaid may be recovered in an action brought to recover interest only. The said township treasurer is hereby empowered to bring appropriate actions in the name of the board of trustees, for the recovery of the yearly interest, when due and unpaid, without suing for the principal, in whatever form secured; and justices of the peace shall have jurisdiction of such cases of all sums not exceeding two hundred dollars.

« PreviousContinue »