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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 210. State Department of Education |
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Chapter 40. Grants and Programs-in-Aid |
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Subchapter 87. Charter Schools |
SECTION 210:40-87-6. Charter school insurance and surety bonding
Latest version.
- (a) Liability insurance. Each charter school shall be required to furnish and maintain liability insurance coverage and fidelity bonding of the same terms, conditions, types and amounts required of public schools under Oklahoma law. The provisions of this subsection shall not be interpreted to preclude any charter school from obtaining liability insurance coverage or fidelity bonds in addition to or in excess of the requirements of this section.(b) Surety bonds. Charter school officers and/or employees shall be required to furnish and maintain surety bonds with the same terms, conditions, penalty, types and amounts required of public school officers and/or employees under Oklahoma law.(1) All surety bonds shall comply with the requirements set forth in 70 O.S. § 5-116a, provided that in the case of a charter school established in accordance with the provisions of the Oklahoma Charter Schools Act, the surety bond shall be made payable to the charter school.(2) The provisions of this subsection shall not be interpreted to preclude any charter school officer and/or employee from furnishing and maintaining a surety bond in excess of the requirements of this section.(3) Further, the provisions of this subsection shall not be interpreted to preclude a charter school sponsor from requiring a charter school officer and/or employee charged with custody of public funds from furnishing a surety bond as a prerequisite of employment unless otherwise prohibited by law.