159-29. Fidelity bonds.
(a) The finance officer shall give a true accounting and faithful performance bond with sufficient sureties in an amount to be fixed by the governing board, not less than fifty thousand dollars ($50,000). The premium on the bond shall be paid by the local government or public authority.
(b) Each officer, employee, or agent of a local government or public authority who handles or has in his custody more than one hundred dollars ($100.00) of the unit's or public authority's funds at any time, or who handles or has access to the inventories of the unit or public authority, shall, before being entitled to assume his duties, give a faithful performance bond with sufficient sureties payable to the local government or public authority. The governing board shall determine the amount of the bond, and the unit or public authority may pay the premium on the bond. Each bond, when approved by the governing board, shall be deposited with the clerk to the board.
If another statute requires an officer, employee, or agent to be bonded, this subsection does not require an additional bond for that officer, employee, or agent.
(c) A local government or public authority may adopt a system of blanket faithful performance bonding as an alternative to individual bonds. If such a system is adopted, statutory requirements of individual bonds, except for elected officials and for finance officers and tax collectors by whatever title known, do not apply to an officer, employee, or agent covered by the blanket bond. However, although an individual bond is required for an elected official, a tax collector, or finance officer, such an officer or elected official may also be included within the coverage of a blanket bond if the blanket bond protects against risks not protected against by the individual bond. (1971, c. 780, s. 1; 1975, c. 514, s. 14; 1987 (Reg. Sess., 1988), c. 975, s. 32; 2005-238, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159 - Local Government Finance
Article 3 - The Local Government Budget and Fiscal Control Act.
§ 159-7 - Short title; definitions; local acts superseded.
§ 159-8 - Annual balanced budget ordinance.
§ 159-11 - Preparation and submission of budget and budget message.
§ 159-12 - Filing and publication of the budget; budget hearings.
§ 159-13 - The budget ordinance; form, adoption, limitations, tax levy, filing.
§ 159-13.1 - Financial plan for intragovernmental service funds.
§ 159-13.2 - Project ordinances.
§ 159-14 - Trust and custodial funds; budgets of special districts.
§ 159-15 - Amendments to the budget ordinance.
§ 159-17 - Ordinance procedures not applicable to budget or project ordinance adoption.
§ 159-17.1 - Vending facilities.
§ 159-18 - Capital reserve funds.
§ 159-20 - Funding capital reserve funds.
§ 159-27 - Distribution of tax collections among funds according to levy.
§ 159-27.1 - Use of revenue bond project reimbursements; restrictions.
§ 159-28 - Budgetary accounting for appropriations.
§ 159-28.1 - Facsimile signatures.
§ 159-30 - Investment of idle funds.
§ 159-30.1 - Trust for other post-employment benefits.
§ 159-30.2 - Trust for law enforcement special separation allowance benefits.
§ 159-31 - Selection of depository; deposits to be secured.
§ 159-32.1 - Electronic payment.
§ 159-33 - Semiannual reports on status of deposits and investments.
§ 159-33.1 - Semiannual reports of financial information.
§ 159-33.2 - Interim event reporting.
§ 159-34 - Annual independent audit; rules and regulations.
§ 159-35 - Secretary of Local Government Commission to notify units of debt service obligations.
§ 159-36 - Failure of local government to levy debt service taxes or provide for payment of debt.
§ 159-37 - Reports on status of sinking funds.
§ 159-38 - Local units authorized to accept their bonds in payment of certain claims and judgments.
§ 159-39 - Special regulations pertaining to public hospitals.
§ 159-40 - Special regulations pertaining to nonprofit corporations receiving public funds.
§ 159-41 - Special regulations pertaining to joint municipal power agencies.
§ 159-42 - Special regulations pertaining to public housing authorities.
§ 159-42.1 - Establishment of nonprofit corporation by public authority authorized.