Surety Bond News

Treasurers of water use districts are affected by new legislation in South Dakota. The new law is titled SB 119 and modifies the bond amount required of treasurers of water use districts. Previous legislation required a surety bond in an appropriate amount to cover all funds that the treasurer manages. SB 119 allows the district’s directors to establish the bond amount required.

There is a new law in Indiana State that puts forth a new surety bond requirement. The new law is titled SB 549 and establishes the Indiana Public Retirement System for the handling of state retirement funds, pensions, and disability or benefit funds. The Director of the Indiana Public Retirement System must obtain a surety bond in a quantity that the System's board of directors will determine. The bond will guarantee the safe handling of the funds.

Legislators in Illinois have enacted a new bill relating to treasurers within the state. The new bill is named HB 179 and allows the treasurer of the board of directors for library districts to acquire an insurance policy instead of the surety bond that’s currently required. The insurance policy provides protection against fraudulent doings of the district’s employees and officials and must be equivalent to at least 50% of the library district’s operating funds. HB 179 will become effective January 1, 2012.

Legislators have enacted a new bill affecting treasurers in Wyoming. The new bill, which is named HB 15, boosts the surety bond amount required of the treasurer of the board of directors of a county weed and pest control district. HB 15 increases the required bond from $3,000 to $50,000 and became effective on July 1, 2011.

A new bill in the State of Massachusetts was enacted relating to the Sandwich Economic Initiative Corporation. The new bill is named SB 2073 and produces the Sandwich Economic Initiative Corporation and requires the treasurer of its board of directors to be bonded to guarantee the reliable execution of their responsibilities. The board will establish the quantity required. SB 2073 was enacted on April 2nd, 2010.