Chapter 2.05
BONDING OF OFFICERS AND EMPLOYEES

Sections:

2.05.010    Bond coverage.

2.05.020    Payment of premiums.

*    For statutory provisions requiring that the administrator and other municipal officers designated by the assembly give bond in the amount and with the surety prescribed by the assembly and requiring that premium on said bonds be paid by the municipality, see AS 29.20.160.

2.05.010 Bond coverage.

Borough officers and employees will be bonded in accordance with AS Title 29. The following schedule of bond coverage shall be the minimum provided:

A. The cashier shall give bond in the amount of $50,000;

B. Finance officer/treasurer shall give bond in the amount of $1,000,000; and

C. 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. [Ord. 84-29-O, 1984; Ord. 79-11-O, 1979; Ord. 74-9-O §1, 1974; Ord. 68-25-O §2, 1968; prior code Ch. 2 subch. 1 §2. Formerly §2.08.010].

2.05.020 Payment of premiums.

The borough shall pay for all bond and insurance premiums required of their officers and employees. [Ord. 84-29-O, 1984. Formerly §2.08.020].