sr-010863-6i_.. ,
CITY OF SANTA MONIGA
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DATE: January 4, 1963 4 ~~.~ ~g?~L
~ 2 TO: The Honorable City Council ~,'a~`3 ~ }q~~
FROiVI: Ernest N. Mobley, City Manager ~~~~ ~~~~~ ~ e~
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SUBJECT: Faithful Performance Bond Covering Certain Departmen-t ea°
and the Employees Thereof, Pursuant to Section 2612(b} of the
Municipal Gode
We are presently covering approximately 47 employees with an
aggregate penalty of $250, 000 at an annual cost of $i, 032.
The same coverage,in the amount of $1,000,000 aggregate penalty
may be obtained at an annual cost of $2, 778.
If it is the desire of the Council to increase the amount of the
subject bond, the City Attorney should be instructed to prepare an
amendment to the Code calling for the amount considered desirable.
An additional appropriation will not be immediately necessary. The
additionai amount required can be included in the 1963-64 and sub-
sequent budgets.
ERNE,.~_..~S~T/.5-N~M- o.
City Manager
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