(A) The City Council shall adopt a system of blanket faithful performance or honesty bonding of all officers, agents and employees of the city who control more than $100 of the city's funds or inventories, except the Finance Officer and City Tax Collector. Such blanket bond coverage shall be in the amount of $10,000 for each officer, agent and employee so covered; greater coverage may be required where deemed necessary.
(B) The Finance Office and City Tax Collector shall, before assuming their respective duties, enter into bond with good sureties, payable to the city, and conditioned upon the faithful performance of their respective duties and a true accounting for all funds of the city which may, respectively, come into their hands, custody or control. Each such bond shall be approved by the City Council and the Mayor. Bonds of the Finance Office and the City Tax Collector shall be in a minimum amount of $10,000 each; greater coverage may be required where deemed necessary. Where the city subcontracts its tax billing and collection functions to an outside party and such party carries a bond securing them with respect to the city in a minimum amount of $10,000, then that coverage shall be sufficient to meet the requirements of this section. It is not necessary that the city carry the bond on the City Tax Collector in this set of circumstances.
(C) The premium for all bonds mentioned in this section shall be paid by the city.
('69 Code, § 2-2) (Ord. passed 2-9-50; Am. Ord, passed 4-7-60)
Statutory reference:
For state law as to bonding of city personnel, see G.S. § 159-29