Indiana Public Official Bond

IndianaNew legislation enacted in the state of Indiana affects public officials. HB 1514 increases the amount of the bond required for various local public officials. HB 1514 elevates the minimum surety bond amount required from $15,000 to $30,000 for each $1 million of receipts of the officer’s office throughout the most recent complete fiscal year prior to the purchase of the surety bond; this affects the following city officials: city controllers, city clerk-treasurers, Barrett Law fund custodians, county treasurers, county sheriffs, circuit court clerks, township trustees, and conservatory district financial clerks. HB 1514 preserves the present cap of $300,000 on the surety bond quantity.