Kentucky Statutes 65.067 – Bond required of persons handling public funds — Compliance by elected officials and their employees
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(1) All officers, officials, and employees of cities, counties, urban-county governments, charter county governments, a regional wastewater commission, and special districts who handle public funds in the execution of their duties shall give a good and sufficient bond to the local governing body for the faithful and honest performance of his or her duties and as security for all money coming into that person’s hands or under that person’s control. The bond amount shall be based upon the maximum amount of public funds the officer, official, or employee handles at any given time during a fiscal year cycle. The local governing body shall pay the cost of the bond.
(2) Elected officials who post bond as required by statute, and employees of their offices covered by a blanket or umbrella bond, shall be deemed to have complied with subsection (1) of this section.
Effective: June 8, 2011
History: Amended 2011 Ky. Acts ch. 98, sec. 17, effective June 8, 2011. — Created
2000 Ky. Acts ch. 332, sec. 1, effective July 14, 2000.
(2) Elected officials who post bond as required by statute, and employees of their offices covered by a blanket or umbrella bond, shall be deemed to have complied with subsection (1) of this section.
Terms Used In Kentucky Statutes 65.067
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
Effective: June 8, 2011
History: Amended 2011 Ky. Acts ch. 98, sec. 17, effective June 8, 2011. — Created
2000 Ky. Acts ch. 332, sec. 1, effective July 14, 2000.