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RELEVANT LINKS: <br /> for office <br /> 11, Qualifying <br /> Minn.Stat.§358.05. for office means an elected or appointed official takes the official <br /> H ndbaok Elected Q icaals Qualifying <br /> Handbook, oath and files a bond (if necessa for the position. This is not the same as <br /> arid Council Str uctur e and �� <br /> Role. qualifications for office that refer to an individual's abilities and <br /> characteristics. <br /> Minn.star.§351.02(6). The act of for office should tape place within the statutorily <br /> qualifying <br /> prescribed time limit. Failure to do so creates,upon declaration of the <br /> council, a vacancy in the office. <br /> A. Official bonds <br /> Minn.stat.§412.111. State law requires the treasurer and clerk to furnish bonds. In addition, state <br /> law authorizes the council to require a bond from any other officer or <br /> employee. <br /> The cityshould always require a bond for employees that handle substantial <br /> �' q <br /> amounts of money or property that is readily convertible into money. In <br /> some cases the cityy ma find it desirable to bond major administrative <br /> officers as well even though the do not directly handle money. Many cities <br /> g y <br /> bond the city manager, finance director, deputy clerk, department heads, and <br /> g <br /> other similar administrative officials. <br /> Minn.star.§412.15 1,subd. In addition, if the council designates all or part of the clerk's bookkeeping <br /> 2. <br /> duties to another officer or employee, that officer or employee must furnish <br /> a fidelity bond. <br /> 1. Premium Y a ments <br /> p <br /> Minn.stat.§412.111. State law allows the council to pay the premium on the bond from.city <br /> Minn.5tat.§412.151,subd. <br /> 2. funds, although the council could require officers or employees to obtain the <br /> f <br /> bonds and pay their own premiums. {- <br /> 2. Amount of bond <br /> The law does not set a schedule of bond coverage for any particular class of <br /> officials or y <br /> o emp t ees. The amount of bond coverage is up to the city <br /> council. A city may set the amount of bond coverage in several different <br /> y <br /> wa <br /> ways. One is to set the bond at an amount approximately equal to the <br /> y <br /> largest amount of money on hand at any one time. <br /> The Minnesota Clerks & Finance Officers Association recommends using a <br /> LMC information memo, la to determine the officer's "exposure index." This formula tapes 10 r <br /> L,1V UT'Pr•oper•ty,Bond, forma p <br /> crime and Petr•oftind percent of the sum of the city's total annual revenue, adds it to the market <br /> Covet-age Garde,Section VII- <br /> Band couera ge. value of negotiable securities under the official's control, and matches the <br /> resulting figure to a recommended bond amount. <br /> League of Minnesota Cities Handbook for Minnesota Cities 8/4f2021 <br /> Chapter 8 Page 17 <br /> City Administrative Staff <br />