NORTHFIELD BOARD OF EDUCATION FILE CODE: 3533 Northfield, New Jersey
Policy
BONDING
Purpose
The Northfield Board of Education recognizes that prudent trusteeship of the resources of this district dictate that employees responsible for the safekeeping of district monies and property be bonded.
Authority
The Northfield School District shall be indemnified against loss of money by bonding of employees holding the following positions:
A. Business administrator and the treasurer of school moneys;
B. The board secretary shall, before entering upon the duties of his/her office, give bond to the board in an amount for the faithful performance of the duties of his/her office in accordance with the rules set forth by the state board of education. The board may accept as surety a corporation authorized to be surety under the laws of this state and may pay the annual premiums or fee upon said bond as a current expense of the board;
C. The business administrator shall, before entering upon the duties of office, give bond to the board for the faithful discharge of his/her duties in such principle sum and with such surety as the board shall direct, but the annual premium of such bond may be paid by the board as a current expense.
Adopted: No Date Review/Update by NJSBA: October 2009; December 2010 Readopted: October 24, 2011
Legal References: N.J.S.A. 18A:11-1 General mandatory powers and duties
N.J.S.A. 18A:17-6 Bond of secretary
Possible Cross References: 3530 Insurance Management 9123/9124 Board secretary/business administrator