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WARREN Treasurer files to get bond



Published: Tue, August 6, 2002 @ 12:00 a.m.



The treasurer said he was unaware of the requirement until recently.

By DENISE DICK

VINDICATOR TRUMBULL STAFF

WARREN -- About seven months into his term, the city treasurer has filed the paperwork to get a bond, a requirement of the job.

"I really was not aware of it and when I was made aware, I got the bond," said John B. Taylor.

He said he got bonded through the Rossi Insurance Agency, Warren, within the last two weeks. Taylor took office at the beginning of this year.

The paperwork for the bond is being processed at city hall, officials said.

Ohio Revised Code requires officers including the treasurer and auditor to give a bond to the municipal corporation "for the faithful performance of their duties." Premiums on official bonds may be paid by the municipal corporation.

Under Ohio law, a treasurer is the custodian of all money of the municipal corporation.

Deciding amount

"The amount is decided by each individual village or city," said James Bell, chairman of the Ohio Municipal Treasurer's Association. "I would recommend to any council to do that."

Taylor's bond is for $25,000.

The bond, a requirement for public employees who handle money, protects the city against financial loss.

When a state audit found that more than $26,000 was missing from the city water department, the money was recovered through the bonding company.

Other employees in the treasurer's office are covered under one bond, but because he's an elected official, Taylor was required to obtain an individual bond.




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