Agenda - 12-08-1998 - 5a - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. _ ACTION AGENDA ITEM ABSTRACT Meeting Date: December 8, 1998 SUBJECT: EXAMINATION OF BONDS DEPARTMENT: Purchasing and Public Hearing: No Central Services Budget Amendment Reqd? No ATTACHMENT(S): Bonds for Sheriff Register of Deeds Finance Officer Tax Collector Blanket Bond for Employees INFORMATION CONTACT: PAM JONES, ext. 2652 Telephone Number - Hillsborough 732 -8181 Chapel Hill 967 -9251 Mebane 227 -2031 Durham 688 -7331 PURPOSE: To examine bonds for officials pursuant to G.S. 109 -5. BACKGROUND: G.S. 109 -5 reads as follows: The bonds of the officers named in G.S. 109 -5 shall be carefully examined on the first Monday in December of every year, and if it Appears that the security has been impaired, or for any cause become insufficient to cover the amount of money or property or to secure the faithful performance of the duties of the office, then the bond shall be renewed or strengthened, the insufficient security shall be made good; but no renewal, or strengthening, or additional security shall increase the penalty of said bond beyond the limits prescribed for the term of office." Bonds are written in the following amounts: Sheriff $ 25,000 Register of Deeds $ 25,000 Finance Director $250,000 Tax Collector $ 30,000 All County Employees (for faithful performance) $250,000*' *"This coverage is part of the comprehensive policy through the County Commissioners insurance pool. $250,000 is the standard limit. There have been no incidents or claims during the past year that would impair the security of these bonds. After discussion regarding the circumstances under which these bonds would be called upon, it appears that the limits cited remain valid. Therefore it is recommended that the bonding limits remain at their current levels for the aforementioned positions.