Pennsylvania Statutes Title 16 P.S. Counties § 12683. Treasurer to furnish bond; deposit of securities in lieu of bond

Before entering upon the duties of office, the treasurer of the “Authority” shall furnish a bond, with at least one corporate surety or three individual sureties, in an amount not less than one hundred per centum of the estimated amount of the largest sum which will probably be in the treasurer's hand at one time during the succeeding year. Such bonds shall be conditioned for the safe-keeping of the moneys of the “Authority” and faithful performance of the treasurer's duties.

In lieu of furnishing surety bond as above provided, the treasurer may pledge, with any bank, trust company, or bank and trust company in Pennsylvania which may be agreed upon, securities to guarantee safe-keeping of the funds of the “Authority” and faithful performance of his or its duties. The securities, so pledged, shall have a market value of not less than one hundred twenty per centum of the estimated amount of the largest sum which will probably be in the hands of the treasurer at one time during the succeeding year. The “Authority” shall have the right to require the pledging of additional securities if, and when, the securities already pledged shall become depreciated below said value. All securities, so pledged, shall be accompanied by proper assignments or powers of attorney for their transfer.