13-14-114 - Bond requirements.
13-14-114. Bond requirements.
(a) Any board member, executive committee member, employee officer, or any other authorized person of a development district, who receives public funds, has authority to make expenditures from public funds, or has access to any public funds, is hereby required to give bond to be made payable to the state of Tennessee with such sureties as hereinafter provided. Such bond is to be conditioned in all cases in which a different condition is not prescribed, upon the faithful discharge of the duties of such office, employment or other authorized activity in which such person is engaged during the time such person continues therein, or in the discharge of any part of such duties.
(b) Such official bond shall be executed in the same form as that prescribed by § 8-19-101, for county and state officials and employees.
(c) The amount of such required bond shall be a reasonable amount as determined by the amount of public funds received, expended, or the amount to which such person had access during the previous fiscal year. In the case of a new office or position, the amount of such bond shall be reasonable to protect the public from breach of the condition of faithful discharge of the duties of such office or position, when the amount of public funds to be received, expended, or to which that person will have access is considered.
(d) All such official bonds shall be signed by authorized individuals of a corporate surety, and such corporation shall be duly licensed to do business in the state of Tennessee as a surety.
(e) The official bonds required under this section are hereby required to be transmitted to the comptroller of the treasury, be filed in the comptroller's office, and be receipted for by the comptroller of the treasury.
(f) No examination or certification of any of such bonds shall be required in this section.
(g) Provisions for bonds of all state and county officers set forth in title 8, chapter 19, shall also govern the bonds of all persons covered under this section, so far as the provisions of title 8, chapter 19, are not inconsistent with the provisions of this section.
(h) The respective development district shall pay the premiums for such bonds.
[Acts 1976, ch. 665, § 6; T.C.A., § 13-1412.]