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The Surety Bond Blog

01
Apr
2010

Mississippi Public Official Bond Update

MississippiMississippi State enacted a new bill relating to update for public official and employee surety bonds. The new law is named SB 3050 and requires various public official and public employee surety bonds to be in a quantity no less than $50,000, which is a boost in most of the present bond amounts. The surety bond amounts that have been affected by amplification are as follows: justice court judges now need a $10,000 surety bond; members of a convention bureau board-$5,000; members of a board of commissioners for water, sewer, garbage disposal, and fire protection districts-$10,000; constables-$25,000; county surveyors-$10,000; all municipal officers and employees managing any city funds, no smaller than $10,000; all city council officers and employees handling any municipal funds- no less than $10,000; all city officers and employees- no less than $10,000; deputy city clerks- no less than $10,000; deputy assessors- now established by the county assessor; purchasing, receiving and inventory control clerks- $10,000; school principals-$25,999; deputy sheriffs and deputy police officers-$25,000; county patrol officers-$10,000; county drainage commissioners-$10,000; swampland district commissioners-$5,000; recreational district commissioners-$10,000; port & harbor commissioners-$5,000; county engineers-$10,000; and county road accountants-$10,000.

The present law asks deputy clerks of the circuit court to acquire a surety bond in a quantity equivalent to 3% of the total figure of all the State and county taxes in the assessment rolls and the levies that are collectible in the county for the preceding year to the term of office. The surety bond is capped at $100,000 under present law. Under the new law, it can not be less than $50,000. The present law also demands municipal aldermen or councilmen to attain a surety bond in a quantity equivalent to 5% of the sum of municipal taxes in the assessment rolls and the levies that are collectible in the city for the previous year to the term of office. The surety bond is capped at $100,000 according to the present law, and under SB 3050, it cannot be any less than $50,000. The new law, SB 3050, only provides a minor change for school board members who were asked to acquire a surety bond in the amount of $50,000 under the previous law. The surety bond must be in a quantity no less than this sum under the new law. Blanket surety bonds are also authorized under existing law.

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Category: Commercial Bonds, Misc. Commerical Bonds, Public Official Bonds, Surety News

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