(A) Position surety bonds. The following officers, employees or contractors of the city whose official duties include receiving, processing, depositing, disbursing or otherwise having access to funds that belong to the federal government, the state, a political subdivision, or another agency, shall file and shall be covered by an individual surety bond in the following amounts during each year such individual serves in such capacity and conditioned upon the faithful performance of their duties and payable to the State of Indiana:
Position | Amount |
Clerk-Treasurer | $300,000 |
Clerk-Treasurer’s office personnel | $30,000 each |
Utility billing office personnel | $30,000 each |
Police Pension Fund secretary | $15,000 |
Redevelopment Commission members | $15,000 each |
Park Director | $15,000 |
(B) All other officers, employees, commission members or contractors of the city whose official duties include receiving, processing, depositing, disbursing, or otherwise having access to funds that belong to the federal government, the state, a political subdivision or another agency shall be covered by a blanket surety bond in an aggregate amount of $5,000 per such officer, employee or contractor to cover the faithful performance of the duties of such officer, employee or contractor and payable to the State of Indiana.
(C) Exception. There is hereby excepted from the requirement of filing a surety bond those officers, employees or contractors of the city who receive, process, deposit, disburse, or otherwise have access to public funds in an aggregate amount of less than $5,000 annually.
(D) Crime insurance policy. In lieu of the surety bonds required hereunder, the city may, at its option, purchase one or more crime insurance policies providing coverage for criminal acts or omissions committed by officers, employees, contractors, commission members and persons acting on behalf of the city in the amounts herein above specified for each such officer, employee, contractor or commission member, which crime policy shall name the State of Indiana as an additional insured.
(E) Cost of bonds. The cost of all surety bonds or crime insurance policies required hereunder shall be paid by the city and the various departments for which such officers, employees or contractors perform their official duties.
(F) All surety bonds or crime insurance policies required under this section shall be for a term of one year commencing January 1 and ending December 31, shall be made payable to the State of Indiana, and shall be filed with the County Recorder and copies maintained in the office of the Clerk-Treasurer.
(Ord. 2015-38, passed 12-11-2015)