Fiscal Bond or Pooled Insurance Sample Clauses

Fiscal Bond or Pooled Insurance. The School’s Fiscal Officer shall execute a bond in an amount approved by Governing Authority in a resolution, but for no less than twenty-five thousand dollars ($25,000), payable to the State of Ohio, conditioned on the faithful performance of all of the official duties required of the School’s Fiscal Officer. The bond shall be deposited with and certified by the Governing Authority, a certified copy thereof filed with the county auditor, and a copy shall be contained in Attachment 9.4. Any updates, cancellations or changes to the bond shall be sent to the Sponsor within five (5) business days. In lieu of a surety bond, the School may adopt a policy permitting its Fiscal Officer to obtain insurance coverage through an “employee dishonesty and faithful performance of duty policy” issued by a joint self-insured pool. Insurance coverage must be for no less than twenty-five thousand dollars ($25,000), and both the School and Sponsor shall be listed as additional insured parties. Coverage must be in place prior to the start of the Fiscal Officer’s term of office. The Fiscal Officer must notify the Governing Authority in writing at least thirty (30) days in advance of any material adverse change to, or cancellation of, such coverage; and the School shall provide evidence of coverage as Attachment 9.4. The School must provide notice of lapse of any such coverage to Sponsor within five (5) business days of request, and, within five (5) business days of any change or notice to School by the applicable insurance entity. Cancellation of the bond or cancellation or lapse in insurance coverage may be grounds for suspension or termination of the School.