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A. The Risk Manager shall be responsible for maintaining a blanket faithful performance bond on all Borough employees. Such bond shall be in an amount not less than $1,000,000 for the benefit of the Borough.

B. The persons appointed to the positions listed below shall procure and maintain, for the benefit of the Borough, a public official bond, in an amount not less than $1,000,000. The premium for this bond shall be paid by the municipality, except if for any reason the Borough Mayor is not bondable, this obligation shall be self-insured, with written notice to the Assembly:

1. Borough Mayor;

2. Chief Financial Officer.

C. Any contractor authorized by resolution to draw against Borough bank accounts shall procure and maintain in force a fidelity bond which includes coverage for compensated and noncompensated officers in an amount to be determined by the Risk Manager. (Ord. 2015-71 § 2, 2015; Ord. 2002-10 § 3, 2002; Ord. 98-025 § 3, 1998; Ord. 86-017 § 5, 1986; Ord. 78-32 § 2, 1978. 2004 Code § 2.05.190.)