Who is responsible for the payment of the bond premium for the tax collector?

The responsibility for the payment of the bond premium for the tax collector falls on the municipality. In New Jersey, tax collectors are required to post a bond as a form of insurance to protect against losses caused by their failure to fulfill their duties. The municipality, as the employing entity, is responsible for covering the associated costs of this bond premium. This ensures that the municipality can properly compensate for any risk or liability that arises from the tax collector's performance of their duties.

Taxpayers, local governments, and the state do not directly cover the bond premium, as it is a financial obligation tied specifically to the municipality's governance and operational responsibilities. The bond serves to protect the municipality and its citizens by providing financial security in case of mismanagement or malfeasance by the tax collector.