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Council affirms $2 million auditor bond coverage under state bond fund
Summary
Rolla adopted a resolution affirming that the North Dakota State Bonding Fund provides Auditor fidelity coverage of $2,000,000, which the council reviewed and found sufficient under NDCC §40-13-02.
The council reviewed fidelity bond coverage provided by the North Dakota State Bonding Fund and adopted a resolution affirming Auditor bond coverage at Two Million Dollars ($2,000,000). The minutes cite North Dakota Century Code §40-13-02 as the statutory authority for setting the bond limit by resolution.
The motion to adopt the resolution passed unanimously on roll call. The minutes state the council "reviewed the current bond limits and found it to be sufficient." The resolution formalizes the city's acceptance of coverage levels under the state fund and records the council's review.
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