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(A) The Clerk-Treasurer shall execute a bond payable to the state, with good and sufficient surety, to be approved by the Town Council and conditioned on the faithful performance of the duties of his or her office and for the payment to the proper person of monies received by him or her in the performance of his or her office.
(B) Effective January 1, 2016, individuals who are employees or contractors of the town and whose official duties include receiving, processing, depositing, disbursing, or otherwise having access to funds that belong to the federal government, the state, or political subdivision, or another government entity shall file and maintain a surety bond.
(C) The Clerk Treasurer’s bond shall be in an amount which equals $30,000 for each $1,000,000 of receipts of the Clerk-Treasurer’s office during the last fiscal year before purchase of the bond; provided, however, that the amount of the bond may not be less than $30,000 nor more than $300,000.
(D) The bond for the individuals described in division (B) above shall be in the amount of $5,000.
(E) Effective January 1, 2016, all bonds must have a one-year term. Consecutive yearly bonds must provide separate coverage for each year.
(F) The cost of the bonds or blanket bond shall be paid from the General Fund of the town upon presentation to the Clerk-Treasurer of a voucher therefor and in the manner required for the payment of other municipal claims.
(Ord. 2016-09, passed 6-14-2016)