Indiana Code 20-26-4-5. School corporation financial personnel bond requirements
(1) the treasurer of each governing body and the governing body’s school corporation;
Terms Used In Indiana Code 20-26-4-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) any individual whose official duties include receiving, processing, depositing, disbursing, or otherwise having access to funds:
(A) that belong to a school corporation or the governing body of a school corporation; and
(B) in an amount that exceeds five thousand dollars ($5,000) per year;
shall give a bond for the faithful performance of the treasurer’s, deputy treasurer’s, or individual’s duties written by an insurance company licensed to do business in Indiana, in an amount determined by the governing body. The treasurer shall be responsible under the treasurer’s bond for the acts of a deputy treasurer appointed as provided in section 1 of this chapter.
(b) A governing body may authorize the purchase of a blanket bond that:
(1) is endorsed to include faithful performance to cover the faithful performance of all employees and individuals acting on behalf of the governing body or the governing body’s school corporation, including the individuals described in subsection (a); and
(2) includes aggregate coverage sufficient to provide coverage amounts specified for each individual who is required to give a bond under this section.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-3-4.]
As added by P.L.1-2005, SEC.10. Amended by P.L.230-2015, SEC.3; P.L.188-2016, SEC.9.