§ 5-1.5-2-2 — Board of directors; establishment; powers; membership; appointment; vacancy

Indiana § 5-1.5-2-2

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• Ch. 2: Establishment and Organization

Text

(a) There is established a board of directors to
govern the bank. The powers of the bank are vested in this board.
(b) The board is composed of:
(1) the treasurer of state, who shall be the chairman ex officio, or
the treasurer of state's designee;
(2) the public finance director appointed under IC 5-1.2-3-6, who
shall be the director ex officio, or the public finance director's
designee; and
(3) five (5) directors appointed by the governor.
(c) Each of the five (5) directors appointed by the governor:
(1) must be a resident of Indiana;
(2) must have substantial expertise in the buying, selling, and
trading of municipal securities, in municipal administration or in
public facilities management;
(3) serves for a term of three (3) years and until the director's
successor is appointed and qualified;
(4) is eligible for reappointment;
(5) is entitled to receive the same minimum salary per diem as is
provided in IC 4-10-11-2.1(b) while performing the director's
duties. Such a director is also entitled to the same reimbursement
for traveling expenses and other expenses, actually incurred in
connection with the director's duties as is provided in the state
travel policies and procedures, established by the department of
administration and approved by the budget agency; and
(6) may be removed by the governor for cause.
(d) Any vacancy on the board, other than by expiration of term, shall
be filled by appointment of the governor for the unexpired term only.

Legislative History

As added by P.L.25-1984, SEC.1. Amended by P.L.46-1987, SEC.5; P.L.235-2005, SEC.75; P.L.189-2018, SEC.28; P.L.259-2019, SEC.4.