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AGENDA ITEM NO. 11 <br />STAFF ORIGINATOR Randy Schumacher <br />DATE December 16, 1994 <br />TOPIC Public Employee Dishonesty Bonds <br />BACKGRO/I <br />Currently, the City Code Section 206.01 requires that the Assessor ($10,000), <br />Clerk/Treasurer ($30,000), Administrator ($30,000), Deputy Clerk/Treasurer <br />($10,000), and Building Inspector ($10,000) be bonded on separate bonds. In 1984, <br />the State Statute 418.25 was amended to allow blanket bonds for all employees. The <br />cost of the separate bonds and blanket bond for all other employees is $1,473. The <br />City has been quoted on three levels of bonds: <br />$ 100,000 $1,003 <br />$ 300,000 $1,244 <br />$500,000 $1, 490 <br />The Municipal Finance Officers Association has put together a formula for determining <br />levels of coverage. The City would need about $700,000. The $500,000 IeveI will <br />be sufficient. This level will cost the City $17 more than the previous bonding <br />method. <br />The City Code will have to be amended to read: All City employees will be covered <br />by a blanket Public Employee Dishonesty Bond with coverage determined by the City <br />Council. <br />A resolution with the amount determined will be presented at the second reading of <br />the Ordinance amendment. <br />OPTIONS <br />1. Leave the City code as is. <br />2. Amend the City code. Adopt FIRST READING Ordinance No. 18 94. <br />3. Determine level of bond. <br />RECOMMEN3A TION <br />