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The School Board approved the issuance of an $8M Treasurer’s Surety Bond, representing 10% of the school district's estimated maximum fund balances during the upcoming fiscal year, as allowed by a new Illinois law recently signed by Governor Pritzker and effective July 1, 2023.
This new Treasurer’s Surety Bond will replace the $20M Treasurer’s Surety Bond approved by the School Board on June 12, 2023 under the previous legal requirements (25% of our highest estimated fund balances). This change reduces the annual premium from $12,565 to $7,051, saving the school district $5,514.
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