Special Needs Scholarship Program Bond

(SAMPLE)

Bond No.______

STATE OF WISCONSIN

DEPARTMENT OF PUBLIC INSTRUCTION

SPECIAL NEEDS SCHOLARSHIP PROGRAM BOND

Whereas, ______(name of legal entity of school)

doing business as ______(name of school, hereinafter the Principal)

___a nonprofit corporation

___affiliated with a religious organization with non-profit status

___a for profit corporation

___a for profit limited partnership

___a for profit partnership

___a sole proprietorship

at ______(address of school)

as PRINCIPAL, and ______(name of company providing bond)of ______(address of company providing bond)asSURETY, an insurer authorized to transact surety business in Wisconsin, are held and firmly bound to the Wisconsin Department of Public Instruction in the sum of $______(insert amount of bond) for the payment of which I/we bind myself/ourselves, and my/our heirs, executors, administrators, successors, and assignees, jointly and severally. This bond is payable to the Wisconsin Department of Public Instruction in the event of injury or loss caused by a failure of the principal to fulfill the conditions of this bond, but in no event shall the surety’s aggregate obligation exceed $______(insert amount of bond).

The principal is participating in the Special Needs Scholarship Program as authorized in s. 115.7915, Wis. Stat., and is obligated to faithfully perform the responsibilities specified under s. 115.7915, Wis. Stat., and ch. PI 49, Wis. Adm. Code.

This surety bond, payable to the State of Wisconsin, is a requirement under s. 115.7915(6)(f), Wis. Stat., and PI 49.04(1) for participation in the Special Needs Scholarship Program because the principal indicated that it expects to receive at least $50,000 in Special Needs Scholarship Program money in the school year for which this bond is issued. This bond may be called upon by the Wisconsin Department of Public Instruction for any of the reasons stated under PI 49.04(4) which include: (a) the principal failed to timely file the report required under ss. PI 49.08 and PI 49.09 or the reports required under s. PI 49.07(1); (b) the principal failed to timely refund the Wisconsin Department of Public Instruction any amount certified due from the principal under s. PI 49.07(4); (c) the principal failed to timely refund the Wisconsin Department of Public Instruction the reserve balance as prescribed under s. PI 49.09; or (d) the principal failed to timely refund the Wisconsin Department of Public Instruction any other money owed to the agency for any other reason under Wis. Admin. Code ch. PI 49 or 115.7915, Stats. Notice of Demand for Payment of the bond should be sent to Surety at the following address:______.

This bond is effective ______, 20____ and shall remain in force until June 30, 2019. The bond is terminable on June 30, 2019,provided the surety gives sixty (60) days’ advance written notice of its intention to terminate to the State Superintendent of Public Instruction, Wisconsin Department of Public Instruction, Attn: Special Needs Scholarship Program, P.O. Box 7841, Madison, WI 53707-7841. The bond may be terminated by the surety prior to the expiration of the agreed term, upon giving ten (10) days’ advance written notice of its intention to terminate to the State Superintendent of Public Instruction, Wisconsin Department of Public Instruction, Attn: Special Needs Scholarship Program, P.O. Box 7841, Madison, WI 53707-7841, but only for failure to pay a premium when due, for material misrepresentation, substantial change in the risk assumed or other grounds described in s.631.36(2) Wis. Stat. Such termination shall not relieve the surety of liability for acts or omissions occurring before the effective date of termination.

Dated at ______(city), ____(state), this _____ day of ______, 20___.

___________
(Printed Name of Surety) / __________(Signature of Authorized Individual for Principal)
___________
(Signature of Company Officer for Surety) / ___________
(Printed Name of Authorized Individual for Principal)
_____________
(Signature of Attorney-in-fact for Surety) / ___________
(Printed Title of Authorized Individual for Principal)