The governing body of a district shall require bond or an irrevocable letter of credit of any member of the governing body or any officer or employee of the district who is charged with possession and control of district funds and properties. The letter of credit shall be issued by an insured institution, as defined in ORS 706.008. The amount of the bond or letter of credit shall be fixed by the governing body of the district. The premium for the bond or the fee for the letter of credit shall be paid from district funds. [1969 c.345 §2; 1991 c.331 §45; 1997 c.631 §425]
Section: Previous 198.010 198.110 198.115 198.120 198.180 198.190 198.210 198.220 198.310 198.320 198.330 198.335 198.340 198.345 198.350 NextLast modified: August 7, 2008