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Employees’ Bonds
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INFORMATION CONTACT:
Mike Farrar, Security & Risk Management, Risk & Safety Program Manager, 704-283-3592
ACTION REQUESTED:
Approve bond amounts for the Finance Director ($1,000,000) and the Tax Administrator ($60,000).
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
The Finance Director and Tax Administrator are required by North Carolina General Statute to maintain personal bonds. Individuals are responsible for securing these personal bonds. Union County has undertaken the responsibility for placement of these bonds and paying the premiums as an inducement to attract qualified personnel. Bonds are placed by USI Insurance Services. Pursuant to NCGS 159-29, the bond for the Finance Director is $1,000,000. The bond for the Tax Administrator is $60,000.
FINANCIAL IMPACT:
$3,500.00 paid annually for the Finance Director. $210.00 paid annually for the Tax Administrator.