§ 5-20-1-3.5 — Surety bonds

Indiana § 5-20-1-3.5

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 20: HOUSING
• Ch. 1: Indiana Housing and Community Development Authority

Text

5. Before the issuance of any bonds under this
chapter:
(1) the executive director of the authority;
(2) each member of the authority; and
(3) any other employee or agent of the authority authorized by
resolution of the authority to handle funds or sign checks;
shall execute a surety bond in the penal sum of fifty thousand dollars
($50,000). If an individual described in subdivisions (1) through (3) is
already covered by a bond required by state law, the individual need
not obtain another bond if 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. In lieu of this bond, the chairman of the
authority may execute a blanket surety bond covering each member, the
executive director, and the employees or other officers of the authority.
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 Indiana as surety. At all times after
the issuance of any surety bonds, these surety bonds shall be
maintained in full force and effect. All costs of the surety bonds shall
be borne by the authority.

Legislative History

As added by P.L.235-2005, SEC.87.