Section 3-5-14 - Local government purchase of bonds or insurance coverage for faithful performance of officials and employees

3-5-14. Local government purchase of bonds or insurance coverage for faithful performance of officials and employees.The governing board of any political subdivision of this state, may purchase a blanket bond, blanket crime coverage, an insurance policy, or an individual bond, issued to the political subdivision as the insured, covering the faithful performance of each officer, member, and employee. If the governing board purchases a blanket bond, blanket crime coverage, or an insurance policy that is equal to or exceeds the individual bond requirements established in law, no officer, member, and employee of the political subdivision is required to furnish an individual bond to qualify for office. Blanket coverage may not be less than the total coverage of all individual bonds purchased for the year prior to January 1, 2015. Source: SL 2015, ch 23, §1.