Indiana § 5-1.4-2-6 Surety bonds; issuer; cost

Indiana Statutes

§ 5-1.4-2-6 — Surety bonds; issuer; cost

Indiana § 5-1.4-2-6

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.4LOCAL PUBLIC IMPROVEMENT BOND BANKS

Ch. 2Establishment and Organization

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Bluebook

Ind. Code § 5-1.4-2-6 (2026).

Text

(a)Each director and the executive director must execute a surety bond in an amount specified by the legislative body of the city. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively. In lieu of these surety bonds, the bank may execute a blanket surety bond covering each director, the executive director, and any officers or employees of the bank.

(b)The surety bonds required by this section must be issued by a surety company authorized to transact business in Indiana.

(c)The cost of the surety bonds required by this section shall be paid by the bank.

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(a) Each director and the executive director
must execute a surety bond in an amount specified by the legislative
body of the city. Each surety bond shall be conditioned upon the
faithful performance of the duties of the office of director and
executive director, respectively. In lieu of these surety bonds, the bank
may execute a blanket surety bond covering each director, the
executive director, and any officers or employees of the bank.
(b) The surety bonds required by this section must be issued by a
surety company authorized to transact business in Indiana.
(c) The cost of the surety bonds required by this section shall be
paid by the bank.