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Commission sets bond for library board at $160,000 for two check-signers
Summary
The commission approved the Ellis County Library Board’s request to obtain bonding for two check-signing positions totaling $160,000 (two $80,000 bonds) and noted the library board will cover the roughly $600 annual premium.
Jennifer Teegett, treasurer of the Ellis County Library Board, told commissioners the board voted to obtain bonding at the full amount of tax-levy funds for positions that can sign the checkbook and that the board expects to pay roughly $600 a year for the coverage.
"We were recommended by the insurance person that we talked to to do the full amount of, the tax levy money that we collect per position that can sign the checkbook... so $80,000 times 2 positions," Teegett said. She said the board approved the arrangement at its June 3 meeting and planned to start coverage this year and align the bond with the board's budget cycle.
County Counselor Bill Jeter told commissioners the county must set the bond amount; commissioners agreed the amount to be set is $160,000 for the two positions and then approved the library board’s request. Teegett confirmed the library board will cover the premium and that no county purchase order was expected.
The motion to approve the bond authorization passed by voice vote.
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