(a) The Governmental Bonding Board, with the assistance of the State Insurance Department, shall prepare a billing certification to be remitted to the:
(1) (A) Department of Finance and Administration. Upon receipt of this certification, the Director of the Department of Finance and Administration shall pay it from funds specifically appropriated for it by the General Assembly or from other funds available therefor.
(B) Funds so appropriated for premiums for fidelity bonds for state public officials and employees and state officers and employees or funds otherwise made available for this purpose shall not be subject to reduction as a result of any shortfall of projected revenues; and
(2) Chief Fiscal Officer of the State who shall pay it from funds withheld from the:
(A) County Aid Fund which are due each county participating in the Self-Insured Fidelity Bond Program for premiums for fidelity bonds for county public officials and employees;
(B) Municipal Aid Fund which are due each municipality participating in the program for premiums for fidelity bonds for municipal public officials and employees; and
(C) Public School Fund which are due each school district participating in the program for premiums for fidelity bonds for school district officials and employees.
(b) Upon receipt of these funds, the Insurance Commissioner shall deposit them in the Fidelity Bond Trust Fund.
Section: Previous 21-2-702 21-2-703 21-2-704 21-2-705 21-2-706 21-2-707 21-2-708 21-2-709 21-2-710 21-2-711 NextLast modified: November 15, 2016