51-7-15 - Bonds of state treasurer and other public treasurers -- Reports to council.
51-7-15. Bonds of state treasurer and other public treasurers -- Reports to council.
(1) (a) The state treasurer, county, city, and town treasurers, the clerk or treasurer of eachschool district, and any other public treasurers that the council designates by rule shall be bondedin an amount of not less than that established by the council.
(b) The council shall base the minimum bond amount on the amount of public fundsnormally in the treasurer's possession or control.
(2) (a) When a public treasurer deposits or invests public funds as authorized by thischapter, he and his bondsmen are not liable for any loss of public funds invested or depositedunless the loss is caused by the malfeasance of the treasurer or of any member of his staff.
(b) A public treasurer and his bondsmen are liable for any loss for any reason fromdeposits or investments not made in conformity with this chapter and the rules of the council.
(3) (a) Each public treasurer shall file a written report with the council on or beforeJanuary 31 and July 31 of each year.
(b) The report shall contain:
(i) the information about the deposits and investments of that treasurer during thepreceding six months ending December 31 and June 30, respectively, that the council requires byrule; and
(ii) information detailing the nature and extent of interest rate contracts permitted bySubsection 51-7-17(2).
(c) The public treasurer shall make copies of the report available to the public at hisoffices during normal business hours.
Amended by Chapter 285, 1992 General Session