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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 4, 2006 <br />Action Agenda <br />Item No.. ,r,~ - (: <br />SUBJECT: Examination of Bonds <br />DEPARTMENT: Purchasing and Central PUBLIC HEARING: (Y/N) No <br />Services <br />ATTACHMENT(S): ~ INFORMATION CONTACT: <br />Bonds for: Pam Jones (919) 245-2652 <br />Sheriff <br />Register of Deeds <br />Registrar's Bond Continuation <br />Certificate <br />Finance Director <br />Tax Collector <br />Blanket Coverage for All Employees <br />PURPOSE: To examine bonds for officials pursuant to G.S. 109-5. <br />BACKGROUND: General Statutes require that bonds be examined annually to determine <br />whether they have been impaired in any way over the past year and to determine their <br />sufficiency. <br />The circumstances under which the bonds would be called. upon to perform do not indicate that <br />an increase is needed above. the amounts currently carried. These amounts 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 />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 <br />Commissioners Insurance pool. $250,000 is the standard limit. <br />Further, there have been no incidents or claims during the past year that would impair the <br />security of these bonds. Therefore, it is recommended that the bonding limits remain at their <br />current levels 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 />