This formula should be used to calculate the amount of the bonds for the County Trustee, the Fiscal Agent of the Local Education Agency, and the Emergency Communications Districts.

Effective July 1, 1994, 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) Less than fifty thousand dollars ($50,000) - a base bond of five thousand dollars ($5,000);
(2) From fifty thousand dollars ($50,000) to five hundred thousand dollars ($500,000) - an amount equal to ten percent (10%) of the revenues;
(3) Five percent (5%) of the excess of five hundred thousand dollars ($500,000) to one million dollars ($1,000,000) shall be added;
(4) Three percent (3%) of the excess of one million dollars ($1,000,000) to three million dollars ($3,000,000) shall be added;
(5) Two percent (2%) of the excess of three million dollars ($3,000,000) shall be added;
(6) The amounts indicated in items (2) through (5) shall be cumulative;