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I.
Topics Of Discussion  
Council Work Session
 
Meeting Date:
05/02/2023
Cash Surety Fund - Amendment
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
05/02/2023
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
Agenda Item Description or Legislation Title
Cash Surety Fund - Amendment
Purpose and Background
City Council passed Ordinance No. 2007-O-1687 on February 12, 2007 establishing the Cash Surety Fund. The purpose of this fund is to provide a fund for cash surety bonds provided to the City to guarantee performance or compliance with certain City ordinances, or as surety to insure compliance with certain City ordinances. That Ordinance placed a limit of $20,000 on a cash surety, however, there is no limitation on the amount the City can accept with respect to performance bonds or letters of credit. City Staff and the Law Director recommend amending Ordinance No. 2007-O-1687 to eliminate Section 4, thereby placing no limit on the amount of a cash surety the City will accept.
Fiscal Impact
Source of Funds:
N/A
Cost:
N/A
Recurring Cost? (Yes/No):
N/A
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
Attachments
Ordinance
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