(a) The purpose of this section is to authorize the purchase of a blanket bond or crime insurance policy and fix the amount of the surety bond of the city controller.
(b) Pursuant to Indiana Code 5-4-1-18(b), the risk manager is hereby authorized to purchase a blanket bond or a crime insurance policy endorsed to include faithful performance to cover the faithful performance of all employees, commission members, and persons acting on behalf of the city, including employees of the city of Bloomington utilities. The blanket bond or crime insurance policy may include the individual surety bond which must be filed by the city clerk and city controller.
(c) Pursuant to Indiana Code 5-4-1-18(c), the individual surety bond of the city controller is hereby fixed in the amount of three hundred thousand dollars, or such other amount as may hereafter be fixed by amendment to the statute. (Ord. 05-18 § 4, 2005).