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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 5, 2005 <br />Action Agenda <br />Item No. 5- K <br />SUBJECT: Examination of Bonds <br />DEPARTMENT: Purchasing and Central PUBLIC HEARING: (Y/N) No <br />Services <br />ATTACHMENT(S): <br />Bonds for: <br />Sheriff <br />Register of Deeds <br />Finance Director <br />Tax Collector <br />Blanket coverage for all employees <br />INFORMATION CONTACT: <br />Pam .Jones, (919) 245-2652 <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 bands 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 positicns. <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 />