New Jersey School Board Bond

New JerseyNew Jersey State enacted a new bill relating to local school boards. The new bill is named SB 1287 states that local school boards lacking a treasurer of school funds must have its secretary of the board to execute the responsibilities of the treasurer. The new bill requires the secretary to acquire a surety bond in of a quantity that the school board will establish. The present law already requires the secretary of the board to attain a surety bond of at least $2,000, conditioned on the authentic execution of responsibilities of the office. SB 1287 states that if there is no treasurer available, the secretary would not be asked to acquire a supplementary surety bond if they are an officer of the municipality, which constitutes the district, if the surety bond they gave guaranteeing the truthful execution of their municipal responsibilities also covered and guaranteed the dependable performance of their responsibilities as secretary. Additionally, a certificate of coverage with adequate quantities for the municipal and the board position should be certified to the local school board.