This formula should be used to calculate the amount of the bonds for the County Trustee, the Fiscal Agent of the Local Education Agency, the Emergency Communications Districts, Human Resource Agencies and Development Districts.
The minimum amount of such required bond shall be determined from the amount of revenues reported in the last audit approved by the Comptroller of the Treasury. The minimum amount of the bond shall be based on revenues as follows:
1. Four percent (4%) up to three million dollars ($ 3,000,000) of funds collected by the office;
2. Two percent (2%) of the excess over three million dollars ($ 3,000,000) shall be added, and
3. The amounts shall be cumulative.