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RELEVANT LINKS: <br /> Further information on this formula is available from the League of <br /> Minnesota Cities. <br /> 3. Kind of bond <br /> Minn.Stat.§412.111. 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 <br /> surety or personal bonds. Corporate bonds, however, are becoming <br /> p surety <br /> more common. <br /> Corporate sure bonds have the backing of an insurance company licensed <br /> rp surety g <br /> to write the bonds. Personal surety bonds have the backing of individuals <br /> signing as sureties. The agree to pay any amount up to the amount of the <br /> �- g y �' <br /> bond if the city is entitled to that amount due to improper actions on the part <br /> 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 /> Minn.Stat.§574.01• If the officer uses a personal surety bond, one or more people or sureties <br /> s <br /> Minn.Stat.§ 4.12. mustg <br /> , together with the officer, sign and acknowledge the bond. Personal <br /> sureties must also certify, y b an affidavit attached to the bond, that each is <br /> worth at least twice the sum of the bond, over and above their debts and <br /> liabilities and exclusive of their exempt property. <br /> 4. Blanket bonds <br /> Minn.Stat.§415.18,Subd. Instead of individual bonds,the council may provide for blanket bonds <br /> a. furnished b a sure company to cover an officer or employee, including <br /> y �' p y y <br /> clerks and treasurers who must furnish a bond. The blanket bond must <br /> include all the obligations required by the law, charter, or ordinance. <br /> Minn.slat.§415.18,subd.2. Councils may purchase blanket bonds regardless of contrary charter <br /> provisions. <br /> a. Approval and filing <br /> lee <br /> Minn.star.§§574.20-.2 The bonds of all city officers and employees, except for a few exceptions, <br /> must be approved b the council and filed b the clerk. The council should <br /> pp y y �- <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 /> 6. Form of surety bonds <br /> The insurance company that writes the bond usually provides the forms for <br /> p y <br /> corporate bonds. The forms should comply with state requirements. <br /> � surety <br /> Printed forms for personal surety bonds are available from legal stationers. <br /> The League can provide information on suggested forms. <br /> League of Minnesota Cities Handbook for Minnesota Cities 81412021 <br /> Chapter 8 Page'[8 <br /> City Administrative Staff <br />