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IN SB0393
Bill
AI Summary
SB 393 Summary
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Requires political subdivision officers and employees to file official bonds with both the fiscal officer and county recorder within 10 days of issuance or approval, with county recorders maintaining alphabetically indexed records.
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Mandates fiscal officers file copies of bonds with the state board of accounts contemporaneously with annual financial reports and electronically, effective July 1, 2015.
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Establishes state board of accounts database of all bonds to be made publicly available online, including lists of individuals required to file and whether they have obtained bonds.
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Expands bond requirements to city, town, county, and township employees and contractors whose duties include receiving, processing, depositing, disbursing, or accessing public funds, with minimum bond amounts of $5,000-$15,000 depending on job classification, effective January 1, 2016.
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Authorizes fiscal bodies to purchase blanket bonds or crime insurance policies with aggregate coverage for all required employees, with the state designated as additional named insured on crime policies for recovery purposes.
Legislative Description
Public official surety bonds. Requires that copies of political subdivision personnel bonds must be filed with the county auditor or fiscal officer of the political subdivision and with the state board of accounts. Requires the state board of accounts to maintain a database of received bonds. Requires certain public employees and contractors that have access to public funds to file a bond. Specifies guidelines for fixing the amount of certain bonds. Provides for purchase of a blanket bond that includes aggregate coverage.
Last Action
Public Law 230
5/7/2015