N.J. Admin. Code § 5:30-8.4

Current through Register Vol. 56, No. 17, September 3, 2024

Section 5:30-8.4 - Minimum surety bond requirements for municipal courts

(a) Every municipal court judge and municipal court administrator shall be bonded with a surety bond in a minimum amount in accordance with the following schedule:

Total Annual Receipts	Minimum Bond Required
$ 1 to $ 5,000	$ 2,000
$ 5,000 to $ 10,000	$ 2,000 + 30% of all over $ 5,000
$ 10,000 to $ 20,000	$ 3,500 + 25% of all over $ 10,000
$ 20,000 to $ 50,000	$ 6,000 + 15% of all over $ 20,000
$ 50,000 to $ 100,000	$ 10,500 + 12% of all over $ 50,000
$ 100,000 to $ 200,000	$ 16,500 + 8% of all over $ 100,000
$ 200,000 to $ 500,000	$ 24,500 + 5% of all over $ 200,000
$ 500,000 to $ 1,000,000	$ 39,500 + 2% of all over $ 500,000
$ 1,000,000 and up	$ 49,500 + 1% of all over $ 1,000,000

(b) Local units are encouraged to utilize the following recommended amounts in lieu of the minimum amount in order to provide a higher level of security of public funds.

$ 1 to $ 10,000	$ 2,500
$ 10,000 to $ 25,000	$ 2,500 + 30% of all over $ 10,000
$ 25,000 to $ 50,000	$ 5,500 + 25% of all over $ 25,000
$ 50,000 to $ 100,000	$ 11,750 + 15% of all over $ 50,000
$ 100,000 to $ 200,000	$ 19,250 + 12% of all over $ 100,000
$ 200,000 to $ 500,000	$ 31,250 + 8% of all over $ 200,000
$ 500,000 to $ 1,000,000	$ 47,250 + 5% of all over $ 500,000
$ 1,000,000 and up	$ 72,250 + 2% of all over $ 1,000,000

(c) The municipal judge and the municipal court administrator shall be bonded in such amount as may be deemed appropriate and adequate pursuant to the circumstances, the amount, including all assistants, to be not less than the minimum referred to at (a) above, and in every case where the minimum requirement applies, based on the volume of annual transactions, the municipal judge and the municipal court administrator shall be bonded in the amount of not less than $ 1,000 each. If coverage is being provided pursuant to the local unit's blanket fidelity bond, coverage pursuant to the blanket bond for the municipal judge and the municipal court administrator shall be subject to the application of individual rating criteria and underwriting standards that consider the risk and potential liability presented by the individuals covered by the blanket bond as if the individuals were covered by an individual bond.

(d) In those cases where the minimum requirement, based on the volume of business of the Court, calls for an amount in excess of $ 2,000, it may be appropriate to bond the municipal court judge and municipal court administrator, as the case may be, in an amount which shall be above the $ 1,000 minimum required by statute to the nearest $ 500.00 above said minimum.

(e) The municipal governing body may allocate the amount of the coverage as between the municipal judge, municipal court administrator, and other employees, in accordance with the financial responsibility of each officer with due regard to the $ 1,000 minimum for each individual.

(f) There shall be a recomputation as to the minimum bond requirement annually and if the bond presently in force is less than the minimum required by the above schedule, the bond shall be increased.

(g) In all cases, however, a new bond shall be obtained at least every three years, coinciding with the term of office of the municipal court judge.

N.J. Admin. Code § 5:30-8.4

Repealed by R.1979 d.16, effective 1/17/1979.
See: 10 New Jersey Register 529(a), 11 New Jersey Register 59(a).
Text on installation of systems repealed.
New Rule R.1990 d.383, effective 8/6/1990.
See: 22 New Jersey Register 706(b), 22 New Jersey Register 2276(b).
Amended by R.1998 d.307, effective 6/15/1998.
See: 30 New Jersey Register 1123(a), 30 New Jersey Register 2204(b).
Rewrote the section.

Amended by 55 N.J.R. 1690(a), effective 8/7/2023