HomeMy WebLinkAbout2004-02-24 - AGENDA REPORTS - RESOLUTION SURETY BONDS (2)Agenda Item:
CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR City Manager Approval:
Item to be presented by: Darren Hernandez
DATE: February 24, 2004
SUBJECT: RESOLUTION APPROVING SURETY BONDS
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council approve resolution, establishing dollar amounts for surety bonds for certain City
officials.
BACKGROUND
State Government Code Section 36518 requires that certain City officials have surety bonds at
dollar amounts approved by City Council. These officials include the City Treasurer and City
Clerk. Additionally, the City Attorney has advised that the bond amounts be set for the City
Manager and Assistant to the City Manager at the following levels:
$100,000.00 - City Manager
$100,000.00 - Assistant to the City Manager
$100,000.00 - Treasurer
$ 10,000.00 -City Clerk
Surety bonds have been issued in the past for these positions. Surety bonds guarantee the legal
liability for debt on behalf of the City.
ALTERNATIVE ACTIONS
No alternative action identified by staff.
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FISCAL IMPACT
Costs for all four bonds will be approximately $1,700.00 per year. Sufficient funds are available
in the Risk Manager's budget to cover this expense, setting security bond levels.
ATTACHMENTS
Resolution