(A) The individual surety bond of the Clerk-Treasurer shall be and the same is hereby fixed in the sum of $300,000 which shall continue from year to year unless repealed or amended by the Town Council or by the amendment of Indiana Law relative thereto.
(B) The Town Council adopts the provisions of I.C. 5-4-1, as the same may be from time to time amended, as the same would relate to the office of the Clerk-Treasurer.
(C) No person elected or appointed to the office of Clerk-Treasurer may take office until the person shall have filed an adequate individual surety bond written for the term of office of the individual filing the bond, approved by the Town Council.
(D) No Clerk-Treasurer may continue to serve in office if the aforementioned individual surety bond should be cancelled and in that event, the office shall be deemed vacant.
(Ord. 2012-18, passed 12-3-2012)