Amends the Illinois Local Library Act. Provides that the bond of a library treasurer or custodian of the moneys paid over to a library board shall not be less than 10% (rather than 50%) of the total funds received by the library in the last fiscal year or the treasurer or custodian of the moneys paid over to a library board may provide insurance coverage for negligent and intentional acts by library officials and employees that could result in the loss of library funds in an amount at least equal to 10% (rather than 50%) of the average amount of the library's operating fund from the prior 3 fiscal years. Makes similar changes in the Illinois Library System Act and the Public Library District Act of 1991 relating to treasurer bonds. Effective immediately.