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(A) Purpose. The purpose of this section is to establish the amount of a surety bond to be posted for the City Clerk-Treasurer, for each Deputy Clerk-Treasurer, for the Utilities Director, for each Utilities Clerk, for each Redevelopment Commission member, and for the Police Pension and Fire Pension secretaries. This section is further adopted for the purpose of authorizing the use of a blanket surety bond to bond all other officers, employees and contractors of the city, whose official duties require that they be bonded by law, and to establish a bond amount to be posted by such individuals.
(B) Separate bonds and bond amounts.
(1) Each position identified in this section shall post an individual surety bond in the amount set forth herein:
(a) Clerk-Treasurer: $300,000.
(b) Deputy Clerk- Treasurer: $30,000.
(c) Utilities Director: $30,000.
(d) Utilities Clerk: $30,000.
(e) Redevelopment Commission member: $15,000.
(f) Police Pension secretary: $10,000.
(g) Fire Pension secretary: $10,000.
(2) Surety bonds required for such positions shall be secured annually for a one year term, commencing January 1 of each year. Such bonds shall be endorsed to include faithful performance of duties.
(C) Authorized use of blanket surety bond. The remaining officers, employees and contractors of the city required to be bonded by law, shall be bonded by the use of a blanket surety bond which is endorsed to include faithful performance of duties and includes aggregate coverage sufficient to provide coverage amounts for all such officers, employees, commission members and contractors who are required to file a bond pursuant to I.C. 5-4-1, which blanket surety bond is hereby authorized and approved. Such bond shall be secured annually for a one year term, commencing January 1 of each year.
(D) Aggregate amount of blanket surety bond. The aggregate amount of the blanket surety bond authorized in division (C) per person is $5,000.
(E) Terms of surety bonds and filing requirements. The surety bonds and blanket surety bonds required under divisions (B) and (C) above shall contain such terms and conditions as may be required under I.C. 5-4-1-5.1 and I.C. 5-4-1-18, Such surety bonds and blanket surety bond shall be filed with the Adams County Recorder and the Indiana State Board of Accounts as required by law.
(Ord. 2015-17, passed 12-1-2015)