Indiana § 21-9-4-11 Surety bond

Indiana Statutes

§ 21-9-4-11 — Surety bond

Indiana § 21-9-4-11

Title 21HIGHER EDUCATION

Art. 9EDUCATION SAVINGS PROGRAMS

Ch. 4Authority Board of Directors and Officers

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Bluebook

Ind. Code § 21-9-4-11 (2026).

Text

Before the adoption and implementation of any education savings program, the:

(1)chairman;

(2)vice chairman;

(3)manager; and

(4)any officer elected by the authority or member of the authority authorized by resolution to handle funds or sign checks; shall execute a surety bond in the penal sum of one hundred thousand dollars ($100,000). The surety bond shall be conditioned upon the faithful performance of the duties of the office of the principal and shall be executed by a surety company authorized to transact business in Indiana. The authority shall pay the cost of the bonds.

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Before the adoption and implementation of
any education savings program, the:
(1) chairman;
(2) vice chairman;
(3) manager; and
(4) any officer elected by the authority or member of the authority
authorized by resolution to handle funds or sign checks;
shall execute a surety bond in the penal sum of one hundred thousand
dollars ($100,000). The surety bond shall be conditioned upon the
faithful performance of the duties of the office of the principal and
shall be executed by a surety company authorized to transact business
in Indiana. The authority shall pay the cost of the bonds.