26.1-21-07. Coverage - Assessments - Minimum

26.1-21-07. Coverage - Assessments - Minimum 1. The amount of coverage afforded to each state agency or political subdivision must be determined by the office based upon the amount of money or property handled and the opportunity for defalcation. Except as otherwise required by law, the minimum amount of coverage must equal the amount of money or property actually handled or ten thousand dollars, whichever is less. 2. The coverage for a state legislative or judicial branch agency may be determined by the legislative council or supreme court, respectively. 3. Notwithstanding any other provision of law, the office may issue bonds to carry out the purposes of the fund. In determining the amount of coverage to be offered, the office may consider the reserves necessary to pay the bonds and for all other necessary costs or expenses to carry out the purposes of the fund. 4. The office shall determine the amount of the bond assessment. The minimum assessment is two dollars and fifty cents per public employee per year. Each state agency and political subdivision shall pay the assessment in advance, and the assessments collected must be deposited in the fund unless the assessment is waived in accordance with section 26.1-21-02.