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Commission sets library board bond at $160,000 for president and treasurer
Summary
The commission approved a motion to set the bond amount at $160,000 to cover two library-board signatories (president and treasurer); the library board will pay the roughly $600 annual premium and sought county action to satisfy statutory requirements.
Jennifer Teegett, treasurer of the Ellis County Library Board, told commissioners the board has voted to purchase bonding as required by state statute and proposed bond coverage equal to the tax-levy amount for each signatory. Teegett said the insurance agent recommended bonding equal to $80,000 per position; covering two signatories would set the amount at $160,000 and cost the board about $600 per year.
County counselor Bill Jeter advised the commission the statute requires the county to set the bond amount; he noted the agenda cover sheet referred to $80,000 and said the county should formally set the amount at $160,000 for the two positions. A commissioner moved to approve the library board obtaining bonding and to set the bond amount at $160,000 for president and treasurer; the motion was seconded and approved without opposition.
Teegett confirmed the library board will pay the premium from its budget and that the purchase order was marked "no" on the agenda because the board was not asking the county to cover the cost.
