§ 5-1-17.5-19 — Surety bonds of directors

Indiana § 5-1-17.5-19

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 17.5: Motorsports Investment District

Text

(a) Except as provided in subsection (b),
each director of the board shall execute a surety bond in the penal sum
of fifty thousand dollars ($50,000). To the extent an individual
described in this section is already covered by a bond required by state
law, the individual is not required to obtain another bond, so long as
the bond required by state law is in at least the penal sum specified in
this section and covers the individual's activities for the commission.
(b) Instead of a bond, the chair may execute a blanket surety bond
covering each director.
(c) Each surety bond must be conditioned upon the faithful
performance of the individual's duties and shall be issued by a surety
company authorized to transact business in this state as surety. At all
times after the issuance of any surety bonds, each individual described
in this section shall maintain the surety bonds in full force and effect.
All costs of the surety bonds shall be borne by the commission.

Legislative History

As added by P.L.233-2013, SEC.5.