Changes to Existing Law

Each appointive officer, before entering upon the discharge of the duties of the office, shall take and subscribe an oath or affirmation of office, in the form required by the Constitution. The Except as otherwise provided in this section, the officer shall furnish an undertaking to be approved by the governing body. The undertaking shall must be in a sum prescribed by the governing body and shall must be conditioned for on the faithful performance of the duties of the office and to account, pay over, and deliver all money or property coming into the officer's hands by virtue of that office according to law. No individual bond is required so long as the governing body maintains blanket coverage, pursuant to § 3-5-14.

The amount of the bond of the municipal finance officer shall must be annually established by the governing board in an amount equal to the maximum monetary total estimated to be on hand at any one time, but the amount of such bond required may not exceed two hundred fifty thousand dollars in municipalities of the first class or one hundred fifty thousand dollars in municipalities of the second or third class. No individual bond is required so long as the governing body maintains blanket coverage, pursuant to § 3-5-14. 20