79-586. Class I, II, III, IV, or VI school district; treasurer; bond or insurance; filing; failure to give; effect.

The treasurer of each Class I, II, III, IV, or VI school district shall, within ten days after his or her election, execute to the county and file with the secretary a bond or evidence of equivalent insurance coverage of not less than five hundred dollars in any instance and not more than double the amount of money, as nearly as can be ascertained, to come into his or her hands as treasurer at any one time, which bond shall be signed by either a personal surety or a surety company or companies of recognized responsibility as surety or sureties, to be approved by the president and secretary, conditioned for the faithful discharge of the duties of the office. The bond when approved or evidence of equivalent insurance coverage shall be filed by the secretary in the office of the county treasurer of the county in which the school district is situated. If the treasurer fails to execute such bond or provide evidence of such insurance coverage, the office shall be declared vacant by the school board or board of education and the board shall immediately appoint a treasurer who shall be subject to the same conditions and possess the same powers as if elected to that office. The treasurer shall have no power or authority to withdraw or disburse the money of the district prior to filing the bond or evidence of equivalent insurance coverage provided for in this section.

Source:Laws 1881, c. 78, subdivision IV, § 4, p. 346; Laws 1883, c. 72, § 6, p. 291; R.S.1913, § 6766; C.S.1922, § 6307; C.S.1929, § 79-404; R.S.1943, § 79-404; Laws 1949, c. 256, § 98, p. 725; Laws 1959, c. 392, § 1, p. 1348; Laws 1975, LB 103, § 2; R.S.1943, (1994), § 79-459; Laws 1996, LB 900, § 339; Laws 2005, LB 380, § 1.