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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />ACTION AGENDA ITEM ABSTRACT Item No. <br />Meeting Date: January 18, 2000 <br />SUBJECT: EXAMINATION OF BONDS <br />DEPARTMENT: Purchasing and Public Hearing: No <br />Central Services Budget Amendment Reqd? No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />PAM JONES, ext. 2652 <br />Bonds for: Telephone Number- <br />Sheriff Hillsborough 732-8181 <br />Register of Deeds Chapel Hill 967-9251 <br />Finance Officer <br />Tax Collector <br />Blanket Bond for Employees <br />Mebane 227-2031 <br />Durham 688-7331 <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 sufficiency. <br />Normally this is done during the first meeting in December, however, this review was delayed until <br />the January meeting pending completion of the bond for the newly appointed Tax Collector. <br />The circumstances under which the bonds would be called upon to perform do not indicate that an <br />increase is needed above the amounts currently carried. These amounts are as follows: <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 <br />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 security <br />of these bonds. Therefore, it is recommended that the bonding limits remain at their current <br />levels for the aforementioned positions. <br />Recommendation: The Manager recommends that the bond be maintained at current levels.