Illinois. Office of Fund Commissioner.

The Board of Fund Commissioners was created by l. 1837, p. 121. Board contracted for and negotiated all loans authorized by General Assembly for internal improvements and signed and executed all bonds or stock certificates issued for such loans. Monies received from proceeds of loans were deposited at State Bank of Illinois and Bank of Illinois at Shawneetown. These deposits were used to pay drafts issued on Fund Commissioners by Board of Commissioners of Public Works for expenditures on internal improvement prjects or pruchases of land. Fund Commissioners also were empowered to purchase and furnish iron, machinery and other materials required by Board of Commissioners of Public Works.

In 1840 Board of Fund Commissioners was abolished and replaced by one Fund Commissioner, who assumed duties formerly exercised by Commissioners and was responsible for auditing and settling their accounts and those of Board of Commissioners of Public Works. When Board of Auditors was established in 1841, it was authorized to draw drafts on Fund Commissioner for any approved settlements.

Legislation passed in 1843 abolished Office of Fund Commissioner and designated Governor to succeed as Ex Officio Fund Commissioner. Governor was later instructed to issue state bonds and stock in various attempts to settle large internal improvement and canal debt. He also was involved in making settlements with former contractors, engineers, Commissioners of Public Works and Fund Commissioners and in leasing and sales of property of various internal improvement projects. Governor continued to function as Fund Commissioner until nearly all internal improvement debt was paid; last appropriation to his office for expenses of secretary to Fund Commissioner was made in 1875.

From the description of Plan for paying off state debt without further taxation, ca. 1842. (Illinois State Archive). WorldCat record id: 37496295