§ 115C-442. Fidelity bonds. - North Carolina Statutes

§ 115C‑442.  Fidelitybonds.

(a)        The finance officershall give a true accounting and faithful performance bond with sufficientsureties in an amount to be fixed by the board of education, not less thanfifty thousand dollars ($50,000). This bond shall cover the faithfulperformance of all duties placed on the finance officer by or pursuant to lawand the faithful accounting for all funds in his custody except State fundsplaced to the credit of the local school administrative unit by the StateTreasurer. The premium on the bond shall be paid by the local schooladministrative unit.

(b)        The State Board ofEducation shall provide for adequate and appropriate bonding of school financeofficers and such other employees as it deems appropriate with respect to thedisbursement of State funds. When it requires such bonds, the State Board ofEducation is authorized to place the bonds and pay the premiums thereon.

(c)        The treasurer ofeach individual school and all other officers, employees and agents of eachlocal school administrative unit who have custody of public school money in thenormal course of their employment or agency shall give a true accounting bondwith sufficient sureties in an amount to be fixed by the board of education.The premiums on these bonds shall be paid by the local school administrativeunit. Instead of individual bonds, a local school administrative unit mayprovide for a blanket bond to cover all officers, employees, and agents of thelocal school administrative unit required to be bonded, except the financeofficer. The finance officer may be included within the blanket bond if theblanket bond protects against risks not protected against by the individualbond. (1975, c.437, s. 1; 1981, c. 423, s. 1; 2007‑85, s. 1.)