town_of_forest_city_regular_council_meeting_agenda.pdf
Town approves $1M fidelity bond with Penn National
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Description
Forest City approved a $1,000,000 fidelity bond for Finance Officer Roxanne Stiles through Penn National at an annual premium of $3,500. The bond satisfies updated state requirements for finance officer coverage.
Contract Details
Contract Amount
$3,500 annual premium for $1,000,000 bond
Vendor
PENN NATIONAL
Agency
City of Forest, NC
Contract Type
INSURANCE
Document Date
January 12, 2026
Contract Term
Annual performance bond effective from April 23, 2023 renewal
Renewal Date
2024-04-23
Renewal Info
Bond replaces prior $100,000 coverage and will renew annually; amount set at 10% of annually budgeted funds up to $1,000,000 per G.S. 159-29.
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