Performance security may be acquired for other officers and employees of the City of Los Angeles in a form and amount determined by the Director of the Office of Administrative and Research Services and approved by the City Controller. The determination to acquire performance security shall be accompanied by written findings showing the following has been accomplished:
(a) The availability and cost of a blanket performance security for all city officers and employees have been investigated.
(b) An analysis has been made as to whether the specific positions for which performance security is being acquired have access to large amounts of money or have a high potential for loss of money or property in the event of fraud or dishonest acts. Particular attention should be made to positions in the offices of the City Controller, City Treasurer, Office of Finance, Purchasing Agent and the Police Department.
(c) At least three (3) insurers shall have been contacted to ascertain the availability and cost of performance security.
(d) An analysis shall have been made of the cost of performance security showing that the cost is compatible with the benefit to the City.
SECTION HISTORY
Added by: Ord. No. 166,858, Eff. 5-6-91.
Amended by: Ord. No. 173,303, Eff. 6-30-00, Oper. 7-1-00.