§ 21-2-710 — Billing certification - Payment and deposit

(a) The Governmental Bonding Board, with the assistance of the State Insurance Department, shall prepare a billing certification to be remitted to the: (1) (A) (i) Department of Finance and Administration. (ii) Upon receipt of the billing certification, the Secretary of the Department of Finance and Administration shall pay the billing certification from funds specifically appropriated for the billing certification by the General Assembly or from other funds available to pay for the billing certification. (B) Funds appropriated for premiums for fidelity bonds for state public officials and employees and state officers and employees or funds otherwise made available for this purpose shall not be subject to reduction as a result of any shortfall of projected revenues; and (2) Chief Fiscal Officer of the State, who shall pay the billing certification from funds withheld from the: (A) County Aid Fund that are due each county participating in the Self-Insured Fidelity Bond Program for premiums for fidelity bonds for county public officials and employees; (B) Municipal Aid Fund that are due each municipality participating in the program for premiums for fidelity bonds for municipal public officials and employees; and (C) Public School Fund that are due each school district participating in the program for premiums for fidelity bonds for school district officials and employees. (b) Upon receipt of these funds, the Insurance Commissioner shall deposit them into the Self-Insured Fidelity Bond Trust Fund.

Legislative History

Amended by Act 2023, No. 826,§ 7, eff. 8/1/2023. Amended by Act 2021, No. 367,§ 8, eff. 7/28/2021. Amended by Act 2019, No. 910,§ 3493, eff. 7/1/2019. Acts 1987, No. 728, § 11.