Sec[Section] 1 Be it enacted by the people of the state of Illinois represented in the General assembly, That mortgages to be taken by school commissioners and agents for the inhabitants of counties, may be in the following form: I A. B, of the County of and State of . do assign over and transfer to E. F, school commissioner and agent for the inhabitants of the county of for the use of the inhabitants of Township Range (or of the county) the following described real estate (here describe the estate) which real estate I declare to be in mortgage for the payment of dollars this date loaned to me by the said school commissioner with percent interest per annum thereon untill paid, and I hereby covenant that the title to said real estate is free from all incumbrance, that I will pay all taxes and assessments which may be levied upon said estate. And I further agree that if I do not pay the interest on said sum annually, and the principal when due, that the said real estate may be sold by the said commissioner in conformity with the laws of the state, and that I will deliver immeadiate possession to the purchaser Witness my hand and seal this day of 18 Which mortgage shall be accompanied with a note for the amount loaned, and shall be valid to all intents and purposes.
Sec 2 If any person shall make default in the payment of interest as it becomes due and payable such interest shall thereafter be considered principal and interest at the rate of twenty per cent per annum shall be chargeable and recoverable thereon; and if any person shall fail to pay the principal sum borrowed at the time the same becomes due and payable such person shall be chargeable with interest on such
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principal sum at the rate of twenty per cent per annum untill paid, and the school commissioners of counties shall be authorized to recover the penalties aforesaid in an action or suit on the note or mortgage given for the payment thereof.
Sec 3 In all cases where the school commissioner of any county shall require additional security from any person for the payment of money loaned, and such security shall not be given, the commissioner may sue for and recover the amount loaned such person upon making proof of such requisition, together with the interest which may have accrued at the time of obtaining judgment.
Sec 4 In the payment of debts by Executors or administrators, debts due to the school fund of the State, or any county, or township shall have a preference over all other debts except funeral and other expences attending the last sickness, not including the physician’s bill.
Sec 5 The county commissioners courts of the several counties shall require of the school commissioner and agent for the inhabitants of such counties to execute a new bond at the next fall ^June^ term of their respective courts, and to execute a new bond every two years ^Annually^ thereafter and if any commissioner as aforesaid shall fail to execute such new bond the court shall thereupon remove such commissioner from office, and appoint a successor; Provided, that the court may allow further time to such commissioner to execute such bonds, if in the opinion of the court, such further time may be allowed without injury to the school funds in the hands of such commissioner.
Sec 6 All record books required to be kept by school commissioners shall be paid for out of the
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county treasuries of the counties in which such books shall be used.
Sec 7. This act shall be in force from and after its passage.

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A Bill entitled “An act providing for the Security of school funds.
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To be enrolled
Sec. Senate

Handwritten Document, 4 page(s), Folder 198, 199, SB 41, GA Session: 9-1, Illinois State Archives