Who pays the bond premium for a tax collector's bond?

The municipality is responsible for paying the bond premium for a tax collector's bond. This means that the costs associated with securing the bond, which is a form of insurance that protects against the tax collector's misconduct or failure to comply with laws and regulations, are typically covered by local government funds.

Tax collectors are required to be bonded as a safeguard for public funds, ensuring that they act in accordance with legal and ethical standards. The bond serves as a protection for the municipality and its taxpayers, ensuring that there are financial resources available to cover any potential losses resulting from the tax collector's actions.

Taxpayers, private donors, and the state government do not traditionally cover the premium for the bond. Instead, this financial responsibility lies with the municipality, highlighting its role in providing oversight and ensuring that tax collectors are held accountable in their duties.