Bond or letter of credit for member of boards of certain districts
The governing body of a district shall require bond or an irrevocable letter of credit of any member of the governing body or any officer or employee of the district who is charged with possession and control of district funds and properties. The letter of credit shall be issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act). The amount of the bond or letter of credit shall be fixed by the governing body of the district. The premium for the bond or the fee for the letter of credit shall be paid from district funds. [1969 c.345 §2; 1991 c.331 §45; 1997 c.631 §425]
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