Agenda - 12-01-2008 - 4d - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 1, 2008 Action Agenda Item No. __`~~ SUBJECT: Examination of Bonds DEPARTMENT: Purchasing and Central PUBLIC HEARING: (Y/N) No Services ATTACHMENT(S): Bonds for: Sheriff Register of Deeds Tax Collector Blanket Coverage for All Employees Finance Director INFORMATION CONTACT: Pam Jones, (919) 245-2652 PURPOSE: To examine bonds for officials pursuant to G.S. 58-72-20. BACKGROUND: Certain positions or officials in County government are required by law to be covered by a fidelity bond. The bond will ensure the County is protected in the event the official or employee mishandles County funds. Statutes also require that each Board of Commissioners examine these bonds each year 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 • 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 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: There is no direct financial impact associated with the examination of bonds. RECOMMENDATION(S): The Manager recommends that the Board maintain the bonds at their present levels.