Agenda - 12-03-2007-4e - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 3, 2007 Action Agenda Item No. ~- - ~. SUBJECT: Examination of Bonds DEPARTMENT: Purchasing and Central PUBIC HEARING: (Y/N) No Services ATTACHMENT(S): INFORMATION CONTACT: Bonds for: Pam Jones (919) 245-2652 Sheriff Register of Deeds Tax Collector Blanket Coverage for All Employees PURPOSE: To examine bonds for officials pursuant to G.S. 109-5. BACKGROUND: General Statutes require that bonds be examined annually to determine whether they have been impaired in any way over the past year and to determine their sufficiency. The circumstances under which the bonds would be called upon to perform do not indicate that an increase is needed above the amounts currently carried. These amounts are as follows: • Sheriff $ 25,000 (on file with the Clerk of Court) • Register of Deeds $ 25,000 (on file with the Clerk of Court) • Finance Director $250,000 (Note: Since bonds are purchased for named individuals, the bond for Finance Director Ken Chavious, who will retire effective 12-1-07, will be cancelled and a new bond will be purchased for the new Financial Services Director upon hiring. • Tax Collector $ 30,000 • All County Employees $250,000** (for faithful performance) **This coverage is part of the comprehensive policy through the County Commissioners Insurance pool. $250,000 is the standard limit. The "All County Employees" general bond also applies to members of the Board of Commissioners. There have been no incidents or claims during the past year that would impair the security of these bonds. Therefore, it is recommended that the bonding limits remain at their current levels for the aforementioned positions. FINANCIAL. IMPACT: No direct financial impact associated with the examination of bonds. RECOMMENDATION(S): The Manager recommends that the Board maintain the bonds at the present levels.