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Agenda - 12-06-2010 - 4f
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Agenda - 12-06-2010 - 4f
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12/3/2010 11:14:59 AM
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12/3/2010 11:14:56 AM
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BOCC
Date
12/6/2010
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
4f
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Minutes 12-06-2010
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\Board of County Commissioners\Minutes - Approved\2010's\2010
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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 6, 2010 <br />Action Agenda <br />Item No. 4 " -F <br />SUBJECT: Examination of Bonds <br />DEPARTMENT: Asset Management <br />PUBLIC HEARING: (Y/N) <br />No <br />ATTACHMENT(S): <br />Bonds for: <br />Sheriff <br />Register of Deeds <br />Tax Collector <br />Blanket coverage for all employees <br />Financial Services Director <br />INFORMATION CONTACT: <br />Pam Jones, (919) 245-2652 <br />PURPOSE: To examine bonds for officials pursuant to G.S. 58-72-20. <br />BACKGROUND: Certain positions or officials in County government are required by law to be <br />covered by a fidelity bond. The bond will ensure the County is protected in the event the official <br />or employee mishandles County money. <br />Statutes also require that each Board of Commissioners examine these bonds each year to <br />determine whether they have been impaired in any way over the past year and to determine <br />their sufficiency. The circumstances under which the bonds would be called upon to perform do <br />not indicate that an increase is needed above the amounts currently carried. These amounts <br />are as follows: <br />• Sheriff $ 25,000 (on file with the Clerk of Court) <br />• Register of Deeds $ 25,000 (on file with the Clerk of Court) <br />• Financial Services Director $250,000 <br />• Tax Collector $ 30,000 <br />• All County Employees (for faithful performance) $250,000** <br />**This coverage is part of the comprehensive policy through the County Commissioners <br />Insurance pool. $250,000 is the standard limit. <br />There have been no incidents or claims during the past year that would impair the security of <br />these bonds. Therefore, it is recommended that the bonding limits remain at their current levels <br />for the aforementioned positions. <br />FINANCIAL IMPACT: There is no direct financial impact associated with the examination of <br />bonds. <br />RECOMMENDATION(S): The Manager recommends that the Board maintain the bonds at <br />their present levels. <br />
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