CC RES 1997-039RESOLUTION NO. 97 -39
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RANCHO PALOS VERDES APPROVING A MASTER
BOND POLICY FOR ALL CITY EMPLOYEES
WHEREAS, a review of the Government Code Section 1481 revealed that the
use of a "master bond" applied only to county and special district employees and that
cities and other types of public entities were to maintain separate bonds for specified
public officials such as city clerks and city treasurers;
WHEREAS, historically the bonding requirements of these officials has been met
with an insurance bond covering these officials as well as other city employees;
WHEREAS, such requirement for separate bonding is both time consuming and
expensive;
WHEREAS, the passage of Assembly Bill 3472, Section 35, effective January 1,
1997 extends to cities and joint powers authorities, the ability to use a "master bond" to
cover the bonding requirements for said positions; and,
WHEREAS, the use of such master bond concept is both an efficient and
economical approach in meeting the bonding needs of the City.
NOW, THEREFORE, the City Council of the City of Rancho Palos Verdes, does
hereby find, determine, and resolve as follows:
Section 1: All bonding requirements for City employees, including the positions
of City Clerk and City Treasurer shall be secured through a master bond purchased by
the City's authorized representative.
PASSED, APPROVED, and ADOPTED nnaxi gn 1 aa7
ATTEST:
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF RANCHO PALOS VERDES 1
I, Jo Purcell, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 97 -39 was duly and regularly passed and adopted by the said
City Council at a regular meeting on May 20, 1997.
CITY CLERK
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Resol. No. 97 -39
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