(A) The town’s Clerk Treasurer is hereby authorized to utilize blanket bonds to cover officers, employees, or contractors of the town.
(B) Individual surety bonds are required for all persons in divisions (B)(1) through (3) below. A blanket bond shall not be used to cover any of the following:
(1) Clerk-Treasurer;
(2) Any person directed to file an individual bond by the fiscal body of the town; or
(3) Any person who is an employee of the town and whose official duties include receiving, processing, depositing, disbursing, or otherwise having access to funds:
(a) That belong to the federal government, the state, a political subdivision, or another governmental entity; and
(b) In an amount that exceeds $5,000 per year.
(C) Each bond must provide coverage in the amount required for the individual covered under the bond for one year (the policy year) commencing on:
(1) The first day of the calendar year;
(2) The fiscal year of the political subdivision or governmental unit; or
(3) The individual's service in the office or position for which a bond is required.
(D) A continuous bond may be used if the bond is renewed on an annual basis for the period during which the individual serves in the office or position for which a bond is required, and provides coverage in the amount required for the individual covered under the bond for each policy year.
(Ord. 2019-11, passed 12-17-2019)