(A) In accordance with IC 5-4-1-18(b), the city is authorized to purchase, as needed, a blanket bond or crime insurance policy endorsed to include faithful performance to cover the faithful performance of all city employees, commission members or other persons acting on behalf of the city, including those listed in IC 5-4-1-18(a).
(B) The city shall fix the amount of the bond of city controllers and Barrett Law fund custodians as follows:
(1) The amount must equal $30,000 for each $1,000,000 of receipts of the officer's office during the last complete fiscal year before the purchase of the bond, subject to division (B)(2) below.
(2) The amount may not be less than $30,000 nor more than $300,000, unless the Common Council approves a greater amount for the officer or employee.
(C) The city shall fix the amount of the bond for any employee or contractor 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 government entity" in the amount of $5,000.
(D) Notwithstanding the foregoing sections, the State Board of Accounts may fix the amount of an official's bond or crime policy as prescribed by IC 5-4-1-18.
(Ord. 6812, passed 12-14-15)