(A) Generally. All officers, officials and employees who handle public funds in the execution of their duties shall give a good and sufficient bond to the city for the faithful and honest performance of his or her duties as security for all money coming into the person’s hands or under the person’s control. The bond amount shall be based upon the maximum amount of public funds the officer, official or employee handles at any given time during a fiscal year cycle. Notwithstanding the foregoing, city officers, officials and employees may guard against potential losses arising from unfaithful and dishonest performance of duties by obtaining an appropriate policy of insurance.
(B) Payment of surety out of General Fund. The Finance Director is directed to pay for the surety bonds or other appropriate insurance policy or policies required by division (A) above out of the General Fund, in the event that the bonds are signed by some authorized surety company of good standing in the state.
(1984 Code, § 30.01) (Ord. O-13-94, passed 4-12-1994; Ord. O-37-19, passed 12-17-2019)
Statutory reference:
Bond required of persons handling public funds; compliance by elected officials and their employees, see KRS 65.067