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RELEVANT LINKS: <br /> 7. Terms of bonds <br /> Bonds may a be for specified period, such as for a year, or for an indefinite <br /> p <br /> term, in which case they remain in effect as long as the person stays in <br /> office. The League recommends, however, that the council only accept <br /> bonds that are for a <br /> one-year period. Each bonded officer or employee <br /> y <br /> would then furnish a new bond annually. This procedure protects the city <br /> against an accumulation of improper actions on the part of an individual. <br /> 8. LMCIT bond coverage <br /> LMC information memo, The League of Minnesota Cities Insurance Trust(LMCIT) offers public- <br /> LMOT Br open ty,Bond,0-iine and Petr•of nd employee bond coverage as part of its overall package of coverage for cities. <br /> Coverage Guide,Section w LMCIT's bond ro am makes available all of the fidelity and faithful- `= <br /> A,Bond coverage. p <br /> performance bond coverage and limits that is needed by titres and city <br /> officials and coordinates the bond coverage with a city's other coverage to <br /> avoid gaps, overlaps, and inconsistencies. <br /> B. Examination of accounts <br /> 3 <br /> Minn,5tat.§574,23. The council must make, or arrange for another party to make, a thorough <br /> examination of an officer's financial accounts when: <br /> • The official files a new official bond or other security. <br /> • The officer's term expires. <br /> • A vacancy results from the death, resignation, or removal of the official. <br /> If there is an discrepancy in the accounts,the council must immediately <br /> y ; <br /> notify the official and the official's sureties of the irregularity. The statement <br /> must be in writing. The council should mail the statement to the officer and <br /> sureties at their residences, if known. Failure to make the examination or <br /> give such notice does not discharge the sureties. <br /> Such an examination of accounts should occur at the end of an official's <br /> term of office whether or not that official has been reelected to serve <br /> another term. <br /> ill. Incompatible offices <br /> State ex rel.Hilton v.Sivor•d, State laws generally do not prevent a person from holding two or more <br /> 157 Minn.263,196 N.W.467 <br /> 1923 .Kerirz v.Goer• eri 36 governmental-positions. However, a state statute expressly prohibits the <br /> } Y g , g <br /> Minn. 190,31 N.W.210 mayor and councilmembers in both statutory and home rule charter cities <br /> (1886). <br /> .om being"employed"'b their city. term"employed"is defined as <br /> Minn.stat. 410.191. gy ty <br /> Minn.stat.§412,02,subd. "full-time permanent employment as defined by the city's employment <br /> 1 a. <br /> policy."Elected officials and some city employees cannot hold more than Ell <br /> one position if one of the positions has responsibilities th at ar e in <br /> p compatible <br /> 1+ <br /> League of Minnesota Cities Handbook for Minnesota Cities 8/4/2021 <br /> City Administrative Staff Chapter 8 Page 19 <br />