Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Cash Collateral Security Agreement between the Fulton County Finance Department and Capitol Indemnity Corporation and/or Platte River Insurance Company in the amount of $75,000.00 and seeks authorization for the Risk Manager or designee to execute such documents and make such required payments. (APPROVED)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
Oaths of Office and Bonds for public officials as required by State laws.
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
No
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: The Finance Department’s Risk Manager annually obtains surety bonds for County Public Officials in association with their position with the County. The County acquires these surety bonds and binds policies with various insurance companies via the County’s insurance broker of record. In the past, a collateral deposit has not been required to bond County officials, the County only pays the premium cost each year. For 2025, due to circumstances, the bond for the Sheriff was declined by several companies, and only one company has indicated they will bind for this position but will require a collateral deposit of $75,000 for the four-year term of this bond. As this is new, Finance Department is seeking Board authorization for the Risk Manager or designee to execute necessary documents to facilitate this deposit payment to the select insurance carrier for the Sheriff’s coverage.
Community Impact: Requirement to bond public officials
Department Recommendation: Recommend approval
Project Implications: N/A
Community Issues/Concerns: N/A
Department Issues/Concerns: N/A
Fiscal Impact / Funding Source
Funding Line 1:
725-999-P001-1056 for the annual 2025 premium of $300, the deposit of $75,000 is 725-1100.