 |
Utah Administrative Code (Current through November 1, 2019) |
 |
R628. Money, Management Council |
|
|
R628-4. Bonding of Public Treasurers |
| R628-4-1. Authority |
|
Latest version.
|
|
This rule is issued pursuant to Section 51-7-15. |
| R628-4-2. Fidelity Bond or Crime Insurance |
|
Latest version.
|
|
A. Every public treasurer shall secure a fidelity bond or crime insurance in the amount shown in R628-4-4. Bonds must be issued by a corporate surety licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better. 1. Crime insurance must be issued by: a) an insurer licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better; or b) an interlocal agency created under Section 11-13-101 operating as a joint self-insurance fund. A joint self-insurance fund providing crime coverage under this section must maintain a restricted account in the PTIF equal to 50% of the per occurrence limit of coverage. B. Bonds should be effective as of the date the treasurer assumes the duties of the office or is sworn in. |
| R628-4-3. Budgeted Gross Revenue |
|
Latest version.
|
|
The basis used shall be the budgeted gross revenue for the previous accounting year. Budgeted gross revenue includes all funds collected or handled by the public treasurer. For purposes of this rule, taxes, fees, service charges, interest, proceeds from sale of assets, and borrowing proceeds are examples of revenue categories which are considered. |
| R628-4-4. Amount of Bond or Crime Insurance |
|
Latest version.
|
|
TABLE Budget Percent for Bond $ 0 to $ 10,000 n/a but not less than $ 0 10,001 to 100,000 9% but not less than 5,000 100,001 to 500,000 8% but not less than 9,000 500,001 to 1,000,000 7% but not less than 40,000 1,000,001 to 5,000,000 6% but not less than 70,000 5,000,001 to 10,000,000 5% but not less than 300,000 10,000,001 to 25,000,000 4% but not less than 500,000 25,000,001 to 50,000,000 3% but not less than 1,000,000 50,000,001 to 500,000,000 2% but not less than 1,500,000 over 500,000,000 not less than 10,000,000 |