Section 11-2-5

Reduction of bonds.

Whenever, in the judgment of the county commission of any county, the amount of the bond of any county official or employee or clerk, deputy or employee in any county office which is required to be approved by such county commission is greater than is necessary, said county commission is hereby authorized and empowered to reduce the amount of said bond, but not below the minimum fixed by this Code. A resolution to that effect shall be adopted by said county commission and spread upon its minutes and a certified copy thereof served upon all of the obligors in said bond. The liability of said obligors under said bond so reduced for any breach occurring after said reduction shall not exceed the amount of said bond as so reduced. In event of such reduction the obligors shall refund to said county commission the pro rata unearned premium on the amount of said reduction.

Whenever, in the judgment of the board of education of any county the amount of the bond of the superintendent of education or of the custodian of county public school funds is greater than is necessary, said board of education is hereby authorized and empowered to reduce the amount of said bond, but not below the minimum fixed by this Code. A resolution to that effect shall be adopted by said board and spread upon its minutes and a certified copy thereof served upon all of the obligors in said bond. The liability of said obligors under said bond so reduced for any breach occurring after said reduction shall not exceed the amount of said bond as so reduced. In event of such reduction, the obligors shall refund to said board of education the pro rata net unearned premium on the amount of said reduction.

(Acts 1933, Ex. Sess., No. 191, p. 203; Code 1940, T. 41, §85.)