SB 1287 provides that local school boards without a treasurer of school moneys must require the secretary of the school board to carry out the duties of the treasurer. The new law requires the secretary post a bond. The school board will determine the amount and the surety required for the bond. Existing law already requires the secretary of the board to post a
surety bond in the amount of at least $2,000, conditioned on the faithful performance of duties of the office. The law provides that the school board may “accept as surety a corporation authorized to be surety under the laws of
New Jersey.” Further, the new law provides that if there is no treasurer, the secretary is not required to post an additional bond if he or she also is an officer of the municipality, which constitutes the district, if the bond he or she has given guaranteeing the faithful performance of his or her municipal duties also covered and secured the faithful performance of his or her duties as secretary. A certificate of coverage with sufficient amounts for both the municipal and the board position must be certified to the local school board. The new law became effective upon enactment. ENACTED: 07/06/2010