§ 21-2-711 — Self-Insured Fidelity Bond Trust Fund

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a separate fund to be known as the "Self-Insured Fidelity Bond Trust Fund". (b) (1) No money shall be appropriated from the fund for any purpose except for the use and benefit of participating governmental entities for bond claims and for Governmental Bonding Board expenses, including without limitation travel, actuarial, consultant, and service contract fees. (2) The fund shall be administered by and disbursed at the direction of the Governmental Bonding Board. (c) (1) (A) The assets of the fund may be invested and reinvested as the Governmental Bonding Board may determine with the advice of the State Board of Finance. (B) All incomes derived through investment of the fund shall be credited as investment income to the fund. (C) For the purposes of investment, fund moneys invested and interest earned on fund moneys invested shall be administered as trust funds under § 19-3-518 . (2) Further, all moneys deposited to the fund shall not be subject to any deduction, tax, levy, or any other type of assessment. (d) All moneys received by the Governmental Bonding Board for the Self-Insured Fidelity Bond Program, including premiums collected by the Governmental Bonding Board under this subchapter, restitution, interest payments, grants, gifts, and refunds shall be deposited into the fund.

Legislative History

Amended by Act 2023, No. 826,§ 8, eff. 8/1/2023. Acts 1987, No. 728, § 9; 2005, No. 506, § 5.