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:
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.