Loading...
HomeMy WebLinkAboutD-2285-16 Authorizes Purchase of Blanket Surety Bond or Crime Insurance PolicySPONSOR(S): Councillors Carter, Campbell, Finkam, Rider and Worrell ORDINANCE NO. D-2285-16 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, CONCERNING SURETY BOND REQUIREMENTS FOR CITY OF CARMEL OFFICIALS AND EMPLOYEES Synopsis: Pursuant to IC 5-4-1-18, this ordinance authorizes the purchase of a blanket surety bond or crime insurance policy in lieu of individual surety bonds for those City of Carmel officials and employees who are required to execute a surety bond. WHEREAS, to protect the City of Carmel (the "City") and to safeguard the integrity of public funds, Indiana Code requires certain City officials and employees to file individual surety bonds during each year the individual serves as an officer, employee or contractor; WHEREAS, IC 5-4-1-18(d) requires the Clerk -Treasurer to be bonded in an amount equal to thirty thousand dollars ($30,000) for each one million dollars ($1,000,000) of receipts of the Clerk -Treasurer's office during the last complete fiscal year before the purchase of the bond in an amount not to exceed three hundred thousand dollars ($300,000); WHEREAS, IC 5-4-1-18(e)(1) requires the City Judge to execute a surety bond of not less than fifteen thousand dollars ($15,000); WHEREAS, IC 36-7-14-7(c) requires Carmel Redevelopment Commissioners to execute a bond in the amount of fifteen thousand dollars ($15,000); WHEREAS, for all other City employees whose official duties include receiving, processing, depositing, disbursing or otherwise having access to funds, IC 5-4-1-18(e) requires a surety bond of not less than five thousand dollars ($5,000) for each employee; WHEREAS, pursuant to IC 5-4-1-18(m)(1) each bond must have a term of one (1) year commencing on the first day of the calendar year, fiscal year of the political subdivision, or individual's service in the office or employment position for which a bond is required; WHEREAS, pursuant to IC 5-4-1-18(b), the fiscal body of the City may by ordinance authorize the purchase of a blanket bond that is endorsed to include faithful performance and with aggregate coverage sufficient to provide the coverage amounts required for all officers, employees, commission members, and persons acting on behalf of the City; WHEREAS, pursuant to IC 5-4-1-18(c), the fiscal body of the City may by ordinance authorize the purchase of a crime insurance policy that provides coverage for criminal acts or omissions, is endorsed to include faithful performance and provides sufficient aggregate coverage This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 3/3/16 at 5:01 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise. SPONSOR(S): Councillors Carter, Campbell, Finkam, Rider and Worrell for all officers, employees, commission members, and persons acting on behalf of the City who are required to execute a surety bond; and Ordinance D-2285-16 Page One of Three WHEREAS, the City now desires to authorize the purchase of a blanket bond that is endorsed to include the faithful performance of employees and individuals acting on behalf of the City and includes aggregate coverage sufficient to provide the coverage amounts specified for each individual who is required to execute a bond under IC 5-4-1-18 and authorize the purchase of a crime insurance policy that provides coverage for criminal acts or omissions committed by officers, employees, contractors, commission members and persons acting on behalf of the City that is endorsed to include the faithful performance of employees and individuals acting on behalf of the City and includes aggregate coverage sufficient to provide the coverage amounts specified for each individual who is required to execute a bond under IC 5-4-1-18. NOW, THEREFORE, the Common Council ordains and states as follows: Section 1. The foregoing Recitals are fully incorporated herein by this reference. Section 2. The Common Council hereby authorizes the purchase of a blanket bond and/or a crime insurance policy that is endorsed to include faithful performance and is sufficient to satisfy the required aggregate coverage amount for all City officials, employees and individuals acting on behalf of the City who are required to file an individual surety bond under IC 5-4-1-18. Section 3. If any portion of this Ordinance is for any reason declared to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portions of this Ordinance so long as enforcement of same can be given the same effect. Section 4. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor and such publication as is required by law. [remainder of page intentionally left blank] This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 3/3/16 at 5:01 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise. SPONSOR(S): Councillors Carter, Campbell, Finkam, Rider and Worrell Ordinance D-2285-16 Page Two of Three rt PASSED by the Common Council of the City of Carmel, Indiana, this day of f�CC , 2016, by a vote of —6— ayes and -(()— nays. COMMON COUNCIL FOR THE CITY F C EL Ronald E. Carter, President evin D. Rider �/ St(e_F Aam, Vf e -President Laura D. Campbellol�eAT- Carol Schleif Jef rr 1 L111ra!l1: This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 3/3/16 at 5:01 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise. Clerk - Ordinance D-2285-16 Page Three of Three SPONSOR(S): Councillors Carter, Campbell, Finkam, Rider and Worrell This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 3/3/16 at 5:01 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise.