Agenda - 12-05-94 - VIII-D - Laserfiche WebLink

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1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No Vat'- ACTION AGENDA ITEM ABSTRACT Meeting Date: DECEMBER 5, 1994 SUBJECT: EXAMINATION OF BONDS DEPARTMENT: PURCHASING AND CENTRAL SERVICES PUBLIC HEARING: YES: NO:XX ATTACHMENT(S): INFORMATION CONTACT: BONDS FOR: PAM JONES, ext.2650 SHERIFF REGISTER OF DEEDS Telephone Number- FINANCE OFFICER Hillsborough 7324181 TAX COLLECTOR Chapel Hill 967-9251 BLANKET BOND FOR EMPLOYEES 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 which would impair the security of these bonds. Likewise,there appears to be no justification for increasing the limit of bonding associated with the aforementioned positions. RECOMMENDATION: The Manager recommends that the bonds be maintained at current levels.