The treasurer of the certified Association shall be bonded in an amount of not less than forty thousand dollars ($40,000). At the end of a complete year of assessment collections, the above bond amount requirement will be adjusted to adequately reflect asrequired under the law, the amount of assessment forwarded to the certified Association.

Author: Robert J. Russell

Statutory Authority: Code of Ala. 1975, §2-8-131.

History: New Rule: Filed August 12, 2003; effective September 16, 2003.