(A) (1) Pursuant to I.C. 5-4-1-18(b), the city, acting by and through the Clerk-Treasurer or his or her designee, is authorized to purchase a blanket bond that is endorsed to include faithful performance to cover the faithful performance of and includes aggregate coverage sufficient to provide coverage amounts specified for all employees, commission members and persons acting on behalf of the city, including officers, employees and contractors, who are required by law to file a bond.
(2) The blanket bond shall comply with the provisions of I.C. 5-4-1-18 and other applicable laws.
(B) (1) Pursuant to I.C. 5-4-1-18(d), the city, acting by and through the Clerk-Treasurer or his or her designee, is authorized to purchase a crime insurance policy that provides coverage for criminal acts or omissions committed by; is endorsed to include faithful performance to cover the faithful performance of; and includes aggregate coverage sufficient to provide coverage amounts specified for all officers, employees, contractors, commission members and persons acting on behalf of the city and required to file a bond by law.
(2) The crime insurance policy shall comply with the provisions of I.C. 5-4-1-18 and other applicable laws.
(C) (1) The bond amounts are fixed as follows:
(a) Clerk-Treasurer: $30,000 for each $1,000,000 of receipts of the Clerk-Treasurer’s office during the last complete fiscal year before the purchase of the bond. The amount may not be less than $30,000 nor more than $300,000 unless the Council approves a greater amount;
(b) City officers, employees or contractors not described in I.C. 5-4-1-18(a)(7): not less than $15,000; and
(c) City officers, employees or contractors described in I.C. 5-4-1-18(a)(7): not less than $5,000.
(2) Notwithstanding the foregoing, the State Board of Accounts may fix the amount of a bond in accordance with I.C. 5-4-1-18(k) and (l).
(D) Should any part of this section be found in conflict with I.C. 5-4-1-18, the terms of I.C. 5-4-1-18 shall prevail. Should any parts of this section be found unconstitutional or illegal, the remaining parts shall survive and be in full effect.
(Ord. 24-19, passed 3-25-2024)