Current through Register Vol. 54, No. 25, June 22, 2024
Section 133.32 - Agency bond(a) An agency shall provide in the budget a sum of money to adequately protect the financial interests of the Commonwealth with a fidelity bond. The fidelity bond shall be for 1/3 of the total amount of grant entitlement or $25,000, whichever is greater. The bond shall be in favor of the Commonwealth and a copy shall be submitted to the Department.(b) The period of coverage shall be for 1 year and shall be renewable for each succeeding fiscal year until the end of the programs.(c) Whenever a fidelity insurance premium is paid with a State grant and the policy is cancelled, the rebate of the prepaid premium shall be returned to the Department.