HB3523 - SCH CD-SCH TRUSTEE BOND

5 Co-Sponsors

Reinserts the contents of the introduced bill with the following changes. Provides that the penalty of the bond shall be determined by the school board in an amount no less than 10% of the amount of all bonds, notes, mortgages, moneys, and effects (instead of providing that for those school districts that have a designation of recognition or review according to the State Board of Education's School District Financial Profile System, the penalty of the bond shall be determined by the school board in an amount no less than 10% of the amount of all bonds, notes, mortgages, moneys, and effects and that for all other school districts, the penalty of the bond shall be 25% of all bonds, notes, mortgages, moneys, and effects). Provides that a treasurer shall, before receiving any borrowed money, execute a bond with a surety company authorized to do business in this State (instead of with 2 or more persons having an interest in real estate, who shall not be trustees, or a surety company authorized to do business in this State). Effective immediately.