(A) The city, acting by and through its Clerk-Treasurer, is authorized to purchase, as needed, a blanket bond or crime insurance policy endorsed to include faithful performance covering the faithful performance of all city employees, commission members, and other persons acting on behalf of the city, including the officers, employees, and contractors described under I.C. 5- 4-1-18(a).
(B) The minimum bond amount for public officials set forth under I.C. 5-4-1-18(d)(1) and (2), including that for city controllers, city clerk-treasurers, and Barrett Law fund custodians, as well as those employees directed to file an individual bond by the fiscal body, is fixed as follows:
(1) The amount must equal $30,000 for each $1,000,000 of receipts of each officer's office during the complete fiscal year before the purchase of the bond, subject to division (B)(2) of this section.
(2) The amount may not be less than $30,000 or more than $300,000 unless the City Council approves a greater amount for the officer or employee.
(C) The minimum bond amount set forth under I.C. 5-4-1-18(e)(1), including that for city judge (if ever applicable), city clerks, deputies, and all other positions not specifically set forth above who handle monies on behalf of the city, such as persons who work at the golf course and recycling center, is fixed at not less than $15,000.
(D) The minimum bond amount set forth under I.C. 5-4-1-18(a)(7)(e)(2) for employees or contractors of the city whose official duties include receiving, processing, depositing, disbursing, or otherwise having access to funds that belong to the county is fixed at not less than $5,000.
(E) The State Board of Accounts ("SBOA") may fix the amount of the bond for a city controller, city clerk-treasurer, or Barrett Law Fund custodian at an amount that exceeds $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.
(F) The SBOA may increase minimum bond coverage amounts if an examination report finds malfeasance, misfeasance, or nonfeasance that resulted in the misappropriation of, diversion of, or inability to account for public funds.
(Ord. 2015-06, passed 12-14-2015)