Ind. Code § 12-11-14-15

Current through P.L. 171-2024

Section 12-11-14-15 - Surety bond

Before the adoption and implementation of a qualified ABLE program:

(1) the chairperson;

(2) the vice chairperson;

(3) the manager; and

(4) any officer elected by the authority or member of the authority authorized by resolution to handle funds or sign checks;

shall execute a surety bond in the penal sum of one hundred thousand dollars ($100,000). The surety bond shall be conditioned upon the faithful performance of the duties of the office of the principal and shall be executed by a surety company authorized to transact business in Indiana. The authority shall pay the cost of the bonds.

IC 12-11-14-15

Added by P.L. 12-2016, SEC. 8, eff. 7/1/2016.