South Dakota § 11-11-16 Surety bonds of commissioners and executive director--Blanket bond--Payment of cost.

South Dakota Statutes

§ 11-11-16 — Surety bonds of commissioners and executive director--Blanket bond--Payment of cost.

South Dakota·Title 11 PLANNING, ZONING AND HOUSING PROGRAMS·Ch. 11-8 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY

Before entering into a commissioner's duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the chair of the authority shall execute a blanket bond or obtain an insurance policy covering each member, the executive director, and the employees or other officers of the authority, each surety bond and insurance policy to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company or insurance company authorized to transact business in this state and to be approved by the attorney general and filed in the office of the secretary of state. The cos

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Before entering into a commissioner's duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the chair of the authority shall execute a blanket bond or obtain an insurance policy covering each member, the executive director, and the employees or other officers of the authority, each surety bond and insurance policy to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company or insurance company authorized to transact business in this state and to be approved by the attorney general and filed in the office of the secretary of state. The cost of each such bond or insurance policy shall be paid by the authority.

South Dakota § 11-11-16 (Surety bonds of commissioners and executive director--Blanket bond--Payment of cost.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.