Whenever, by any presently existing law of this state or by any law hereafter enacted, any officer or employee of any school district is required to furnish bond as a prerequisite to employment, such requirement as to terms, conditions, penalty, amount or quality or type of surety shall be and is hereby deemed and defined to mean the furnishing of a separate bond or surety contract for each individual officer or employee, or the furnishing of a "blanket bond" which is defined as a school district officer and employees blanket position bond which covers all officers and employees up to the penalty of the bond for each officer and employee and the full penalty of the bond is always enforced during its term and no restoration is necessary and there is no additional premium after a loss is paid. Such bond shall be furnished by a company duly qualified under the insurance laws of this state and shall be purchased by the school district. The bond shall be payable to the school district and, whenever possible, conditioned on the faithful performance of the duties of the individuals covered during their employment or term of office and that they will properly account for all monies and property received by virtue of their position or employment.

Added by Laws 1994, HB 2355, c. 222, § 1, eff. September 1, 1994.