(a) The minimum amount of the official bond executed by each county trustee for each term of office, as required by § 8-11-102, shall be determined from the amount of revenues handled by the trustee during the last fiscal year audited by the comptroller of the treasury, or from the last audit approved by the comptroller of the treasury which was duly prepared in counties using certified public accountants.
Terms Used In Tennessee Code 8-11-103
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Trustee: A person or institution holding and administering property in trust.
(b)(1) If the official bond of the county trustee is executed by a surety company authorized to transact business in this state, the minimum amount of the bond shall be based on the revenues as follows:
(A) Four percent (4%) up to three million dollars ($3,000,000) of the funds collected by the office; and(B) Two percent (2%) of the excess over three million dollars ($3,000,000) shall be added.(2) The amounts indicated in subdivisions (b)(1)(A) and (B) shall be cumulative.(c)(1) If the official bond of the county trustee is executed by personal sureties, the minimum amount of the bond shall be based on revenues as follows:
(A) Six percent (6%) up to three million dollars ($3,000,000) of the funds collected by the office; and(B) Four percent (4%) of the excess over three million dollars ($3,000,000) shall be added.(2) The amounts indicated in subdivisions (c)(1)(A) and (B) shall be cumulative.(d) [Deleted by 2023 amendment.](e) [Deleted by 2023 amendment.]
