§ 36-7-12-20 — Use of funds; procedures for letting contracts; employees' bonds

(a) All tax revenues coming into possession
of the economic development commission shall be deposited, held, and
secured in accordance with the statutes relating to the handling and
investing of public funds. The handling and expenditure of this money
is subject to audit and supervision by the state board of accounts.
(b) Contracts for construction and equipment of economic
development or pollution control facilities need not be let in
accordance with IC 5-16, IC 5-17, or any other statute relating to public
contracts.
(c) Any employee of the economic development commission
authorized to receive, disburse, or in any other way handle money or
negotiable securities of the commission shall execute a bond payable
to the state, with surety to consist of a surety or guaranty corporation
qualified to do business in the state. The bond must be in an amount
determined by the commission, and must be conditioned upon the
employee's faithful performance of the employee's duties and the
accounting for all monies and property that may come into the
employee's hands or under the employee's control. The cost of these
bonds shall be paid by the commission.
[Pre-Local Government Recodification Citation:
18-6-4.5-13 part.]
As added by Acts 1981, P.L.309, SEC.31. Amended by
P.L.35-1990, SEC.48; P.L.252-2015, SEC.46.