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CHAPTER 8 <br /> <br />Miml. Stat. § 412,1 ! 1. <br /> <br />Minn..Slat. § 574.0l. <br />Mimt. Stat. ~ 574.12. <br /> <br />Mime. Stat, § 418.25. <br /> <br />Minn. Stat. §§ 574.20..21. <br /> <br />3. Kind of bond <br /> <br />The bonds that the clerk and treasurer furnish must be corporate surety <br />bonds. Bonds of all other officers or employees may be either corporate or <br />personal surety bonds. Corporate bonds, however, are becoming more and <br />more common. <br /> <br />Corporate surety bonds have the backing of an insurance company licensed <br />to write the bonds. Personal surety bonds have the backing of individuals <br />signing as sureties. They agree to pay any amount up to the amount of the, <br />bond, if the city is entitled to that amount due to improper actions on the <br />part of the bonded person. Corporate surety bonds provide better protection <br />because of the resources of the insurance company'and the more rigid <br />supervision they usually require over the handling of funds. <br /> <br />If the officer uses a personal surety bond, two or more people or sureties <br />who are residents of the state must, together with the officer, sign and <br />acknowledge the bond. Personal sureties must also justify, by an affidavit <br />attached to the bond, that each is worth at least twice the sum of the bond, <br />over and above their debts and liabilities and exclusive b£their exempt <br />property. <br /> <br />4. Blanket bonds <br /> <br />Instead of individual bonds, the council may prOvide for blanket position <br />bonds that a surety company issues to cover any officer or employee, . <br />including clerks and treasurers who must furnish a bond. The blanket bond <br />must include all of the obligations required by the law, charter or <br />ordinance. Councils may purchase blanket position bonds regardless of <br />contrary charter provisions. <br /> <br />5. Approval and filing <br /> <br />The bonds of all city officers and employees, except for a few exceptions, <br />must be approved by the council and flied by the clerk. The council should <br />endorse each bond. If the council decides that an official's bond is not <br />sufficient, it may require a bond in a larger amount. <br /> <br />The county auditor approves and files the bond of the city assessor. The <br />assessor should file the bond before receiving the assessment book. <br />Presumably, the same requirements should apply to the deputy assessor. <br /> <br />FOR MINNESOTA CITIES <br /> <br />Tlfis clmpter last revised 12/14/2004 <br /> <br />8-15 <br /> <br />-75- <br /> <br /> <br />