Sec. 2-81. Official bonds.
(a) The director of finance is hereby authorized and directed to procure blanket corporate surety bonds for five thousand dollars ($5,000.00) to cover all officers and employees of the city in such form as may be satisfactory to the city attorney, for the faithful performance of their respective duties by all city officers and employees and to indemnify the city against any and all pecuniary loss sustained as the result of any act or acts of any of said officers and employees.
(b) The director of finance is hereby further authorized and directed to procure corporate suretyship bonds upon the respective positions hereinafter referred to in either the form of separate bonds or an additional coverage incorporated in the blanket coverage authorized in paragraph (a) above of this section, in amounts set opposite the respective positions for the faithful discharge of the holders of the respective positions and their respective deputies, assistants and other subordinates, of the duties imposed on the holders of such positions by the Charter of the city and all ordinances passed in pursuance thereof, and to indemnify the city against any and all pecuniary loss sustained as a result of any act or acts of any of said officers and employees, which positions and the amounts of the respective bonds thereon are as follows:
(1) City manager $10,000.00
(2) Director of finance 100,000.00
(3) City collector 25,000.00
(4) Deputy city collector 5,000.00
(5) Director of management and budget 20,000.00
(c) The premium on all bonds given hereunder shall be paid by the city and all such bonds shall be filed with the clerk of the circuit court of the city. (Code 1959, § 2-3; Ord. No. O-81-106, § 1, 5-26-81)
Last updated date: 10/23/2006 4:15:21 PM