1984-29 Amending and Updating Chapter 2.08 of the KIB Code as it Pertains to Bonding of OfficersAN ORDINANCE OF THE KODIAK ISLAND BOROUGH AMENDING AND UPDATING
CHAPTER 2.08 OF THE KODIAK ISLAND BOROUGH CODE AS IT PERTAINS TO BONDING OF
OFFICERS.
WHEREAS, the present code as it pertains to bonding of officers does
not adequately protect the interests of the borough for the potential loss of
public funds; and
WHEREAS, by the current code some officers are over bonded and
others have not given bond in relation to the exposure incurred; and
WHEREAS, it is the desire of the Kodiak Island Borough Assembly to
be self- insured for the loss by the act of any officer or employee other than
the cashier and treasurer in an amount up to $25,000; and
WHEREAS, it is further the desire of the Assembly to bond or insure
only for those amounts in excess of $25,000.
NOW, THEREFORE, BE IT ORDAINED that Chapter 2.08 be amended as
follows:
Sections:
2.08.010
2.08.020
KODIAK ISLAND BOROUGH
ORDINANCE NO. 84 -29 -0
Chapter 2.08
BONDING OF OFFICERS AND EMPLOYEES
Sehedu ;e Bond Coverage
Payment of Premium
2 4841G-- 5eheAu }er -- The- fel4ew4Rg- sehedul•e- a €- beRd4Rg- #s- adepbed her - tHe
bereugh -eff4 ears- lR- aeeerdaRee- w#th -A ;asks - Statutes- 29:231.529 : -- The - figure
shown- 004 -be- the - maximum - amount- Nurehased.
2.08.010 Bond Coverage. Borough officers and employees will be bonded
in accordance with Title 29 of the Alaska Statutes. The following schedule of
!bond coverage shall be the minimum provided:
A. Borough- mayerT -and- deputy- mayerT- two- huRfired- thousand- del•1•arst The
borough cashier shall give bond in the amount of $50,000;
B. Finance officer - treasurer, bwe - hundred- theusaRA- 9el4arst shall give
bond in the amount of $1,000,000;
C. Gash# er el• erk assesserT- beekkeeperT- eaeh- assemblymaRT- and - etaer
emp ;eyees- as- 9eterm4Red -by- the- managerT- twenty -f4ve- thousand - 40 4 ars,-- Prem #um
sk04- 13e- pa4d- ey- the- bereughT No other officer or employee need give bond
unless he has sole custody of cash or other tangible assets of the borough in
an amount in excess of $25,000. The borough will self- insure for such
amounts.
2.08.020 Payment of Premiums. The borough shall pay for all bond and
insurance premiums required of their officers and employees.
ATTEST:
PASSED AND APPROVED this 7th day of June , 1984.
KODIAK ISLAND BOROUGH
By
ug
First Reading, Approval Date: May 3, 1984
Second Reading, Public Hearing, Approval Date: June 7, 1984
Effective Date: June 7, 1984
Recommended By: