167.01 BONDS GENERALLY.

   (a)   The Mayor and/or Director of Administration is hereby authorized to contract for a corporate surety blanket bond naming the City as obligee therein. The bond shall bind to the City all officers, deputies and employees, except those who are required by State statute or the Mayor and/or Director of Administration to file individual bonds and shall guarantee that such persons account properly for all moneys and property received by virtue of their positions and shall faithfully perform their duties.

   (b)   Additional bonds shall be purchased for persons holding the following offices.

      (1)    The bond for the Director of Finance shall be a minimum of one hundred fifty thousand dollars ($150,000). The premium for the bond shall be paid from the General Fund.

      (2)   The bond for the Deputy Director of Finance for Hospital Affairs shall be a minimum of one hundred fifty thousand dollars ($150,000). The premium shall be paid from the Hospital Fund.

      (3)    The bond for each member of the Board of Governors shall be a minimum of two thousand five hundred dollars ($2,500). The premium shall be paid from the Hospital Fund.

(Ord. 1987-17. Passed 2-18-87.)