Orange County NC Website
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. )3.0 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: DECEMBER 2, 1996 <br /> SUBJECT: EXAMINATION OF BONDS <br /> DEPARTMENT: PURCHASING AND PUBLIC HEARING: YES: NO:XX <br /> CENTRAL SERVICES Budget Amendment Reqd? NO <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> BONDS FOR: PAM JONES, ext.2650 <br /> SHERIFF <br /> REGISTER OF DEEDS Telephone Number- <br /> FINANCE OFFICER Hillsborough 732-8181 <br /> TAX COLLECTOR Chapel Hill 967-9251 <br /> BLANKET BOND FOR EMPLOYEES Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To examine bonds for officials pursuant to G.S. 109-5. <br /> BACKGROUND: G.S. 109-5 reads as follows: <br /> "The bonds of the officers named in G.S.109-5 shall be carefully examined on the first Monday <br /> in December of every year,and if it appears that the security has been impaired,or for any <br /> cause become insufficient to cover the amount of money or property or to secure the faithful <br /> performance of the duties of the office,then the bond shall be renewed or strengthened,the <br /> insufficient security shall be made good; but no renewal, or strengthening, or additional <br /> security.shall increase the penalty of said bond beyond the limits prescribed for the term of <br /> office." <br /> Bonds are written in the following amounts: <br /> Sheriff $25,000 <br /> Register of Deeds $25,000 <br /> Finance Director $250,000 <br /> Tax Collector $30,000 <br /> All County Employees <br /> (for faithful performance) $250,000** <br /> *"This coverage is part of the comprehensive policy through the County Commissioners insurance <br /> pool. $250,000 is the standard limit. <br /> There have been no incidents or claims during the past year which would impair the security of these <br /> bonds. Likewise,there appears to be no justification for increasing the limit of bonding associated <br /> with the aforementioned positions. <br /> RECOMMENDATION: The Manager recommends that the bonds be maintained at current levels. <br />