15.2-1529 - Amount of bond of treasurer or director of finance of counties. - Virginia Statutes

§ 15.2-1529. Amount of bond of treasurer or director of finance of counties.

Notwithstanding the provisions of §§ 15.2-416, 15.2-541, 15.2-642, 15.2-707and 15.2-852 requiring the surety bond given by a county treasurer ordirector of finance to be in an amount of not less than fifteen percent ofthe amounts to be received annually by such officers, the court or thegoverning body responsible for fixing the penalty of the bond may in itsdiscretion exclude the amounts to be received for the county from temporaryand long-term loans and federal revenue sharing funds when fixing therequired minimum bond, and the amount of the bonds to be given shall notexceed the following maximums based on the population of the respectivecounties unless, for good cause shown, a greater bond is deemed advisable:

1. In counties having a population of not more than 10,000, the bond shall belimited to $300,000.

2. In counties having a population of more than 10,000 but not more than30,000, the bond shall be limited to $400,000.

3. In counties having a population of more than 30,000 but not more than50,000, the bond shall be limited to $500,000.

4. In counties having a population of more than 50,000 but not more than100,000, the bond shall be limited to $750,000.

5. In counties having a population of more than 100,000, the bond shall belimited to one million dollars.

(1973, c. 320, § 15.1-43.1; 1997, c. 587.)