Concerning authorizing school districts to purchase crime insurance coverage in lieu of surety bonds.
2016 Regular Session
Education & School Finance (Pre & K-12)
Current law requires the secretary, assistant secretary, treasurer, and assistant treasurer of a school board and any person authorized by the board to be the custodian of money of the school district to obtain a surety bond before taking office. Additionally, a school board is required to obtain and pay for a surety bond for any person who is likely to have custody of $50 or more of school district money.
The act authorizes a school district to purchase crime insurance coverage instead of the bonds.
(Note: This summary applies to this bill as enacted.)