GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2007
SESSION LAW 2007-85
SENATE BILL 772
AN ACT to change the amount of the fidelity bond required of school finance officers.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 115C-442(a) reads as rewritten:
"(a)
The finance officer shall give a true accounting and faithful performance bond
with sufficient sureties in an amount to be fixed by the board of education,
not less than ten thousand dollars ($10,000) nor more than two hundred fifty
thousand dollars ($250,000). fifty thousand dollars ($50,000). This
bond shall cover the faithful performance of all duties placed on the finance
officer by or pursuant to law and the faithful accounting for all funds in his
custody except State funds placed to the credit of the local school
administrative unit by the State Treasurer. The premium on the bond shall be
paid by the local school administrative unit."
SECTION 2. This act becomes effective July 1, 2008.
In the General Assembly read three times and ratified this the 7th day of June, 2007.
s/ Beverly E. Perdue
President of the Senate
s/ Joe Hackney
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 5:10 p.m. this 14th day of June, 2007