(A) To insure the faithful performance of their duties, the following positions shall be covered by a surety bond, to be purchased by the Town Council, in the amount set forth for all positions: $52,000.
(B) This amount is to remain in effect for a period of 40 years, which is the term of the Rural Development Loan for the Water Treatment Plant, and is to meet current loan requirements. This surety bond amount is subject to change, depending on the requirements of the loan or in the event the loan is paid, in full, before the 40 years.
(Prior Code, § 2-7-1) (Ord. passed 11-11-1997)