Chapter 2.16
OFFICERS’ BONDS

Sections:

2.16.010    Bonds of City Officials.

2.16.010 Bonds of City Officials.

Official bonds shall be provided for all officials and employees of the City hereinafter designated, and for such additional classes or employees as may be authorized or required by the City Council, to indemnify the City of Newport Beach against loss by reason of such officer’s or employee’s failure to faithfully perform the duties of his office or employment as the same exist or may subsequently be imposed. The amount of coverage shall be as authorized or required by the City Council and as hereinafter specified for the following named positions, and may be provided by one or more individual or blanket coverage bonds or a combination of individual and blanket coverage bonds.

Finance Director	$100,000.00
City Manager	$50,000.00
Purchasing Agent	$25,000.00

Any such bond shall be executed by a surety company licensed by the State of California to do business as surety, which shall be jointly and severally liable to the City of Newport Beach up to the principal amount of any such bond or bonds executed by it.

All such bonds shall be delivered to the City and shall be in a form approved by the City Attorney and the same shall be filed with the City Clerk. (Ord. 1060 (part), 1963: 1949 Code § 2703)