A. Required: In addition to the requirements of subsection B of this section, the city shall either:
1. Execute a corporate surety bond or maintain a blanket bond with good and sufficient sureties payable to Draper City for the faithful performance of the duties of elected officials, appointed officers, and employees as required by state laws and the ordinances of Draper City; or
2. Maintain an insurance policy to ensure the faithful performance of the duties of elected officials, appointed officers, and employees of Draper City.
B. Treasurer's Bond: The city shall maintain a treasurer's bond set at an amount not less than that established by the state money management council.
C. Filed: All bonds or insurance policies of the city shall be filed with the city recorder.
D. Approval Of Bonds: The bonds of council members, if required, shall be approved by the mayor, and the bond of the mayor, if required, shall be approved by the city council, at the first meeting of the city council in January following a municipal election.
E. Premium Charge: The premium charged for any required corporate surety or blanket bond or insurance policy for an elected official, appointed officer, or employee of the city shall be paid by Draper City.
F. Additional Bonds Or Insurance: The city council may at any time require additional bonds, increased bond amounts, or increased insurance policy coverage limits under this section by resolution or ordinance. Bond amounts or coverage limits may exceed those established by the state money management council pursuant to state code. (Ord. 1365, 10-16-2018; amd. Ord. 1413, 2-11-2020)