PUBLIC OFFICIAL BONDS
Public official bonds are usually required by governmental entities such as school districts and libraries. These bonds guarantee that the individual will faithfully perform the duties of his office and will properly handle and distribute the public monies for which they are responsible. There are two categories of public official bonds:
Statutory Bond – Guarantees faithful performance by the public official
Special Issue Bond – Guarantees appropriate distribution of funds borrowed under a board-approved bond sale
In order to secure approval for a public official bond we need the following:
Latest year-end financial statement for the entity
Auditor’s management letter
Entity’s response to the management letter
Current personal financial statement for the public official
Resume for the public official
Credit Check Authorization Form (download)
In
addition to these items we will need a completed application. Because
each surety has its own form, it is best to wait until we get approval
for the bond before we secure the completed document. Once we secure approval
from a surety company, we will email the appropriate application to you
for completion.