§ 5-1.2-3-11 — Members; surety bonds

Indiana § 5-1.2-3-11

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY

Text

(a) Each member of the authority, the public
finance director, and any other employee or agent of the authority
authorized by resolution of the authority to handle funds or sign checks,
before beginning the individual's duties, 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 need not 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
authority. Instead of a bond, the chair of the authority may execute a
blanket surety bond covering each member and the employees or other
officers of the authority. Each surety bond shall 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
authority.
(b) The public finance director, before beginning the public finance
director's duties, must:
(1) execute a surety bond as provided in subsection (a); or
(2) be included in the coverage of a blanket surety bond described
in subsection (a).

Legislative History

As added by P.L.189-2018, SEC.25.