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Indiana Code Title 20. Education § 20-26-4-5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 5. (a) For each school year commencing July 1:

(1) the treasurer of each governing body and the governing body's school corporation;

(2) a deputy treasurer, if so appointed;  and

(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.

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Cite this article: FindLaw.com - Indiana Code Title 20. Education § 20-26-4-5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-20-education/in-code-sect-20-26-4-5/

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