Section 5-1.2-3-11 - Members; surety bonds(a) Each member of the authority, the public finance director, and any other employee or agent of the authority authorized by resolution of the authority to handle funds or sign checks, before beginning the individual's duties, shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual need not obtain another bond so long as 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. Instead of a bond, the chair of the authority may execute a blanket surety bond covering each member and the employees or other officers of the authority. Each surety bond shall be conditioned upon the faithful performance of the individual's duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the authority.(b) The public finance director, before beginning the public finance director's duties, must: (1) execute a surety bond as provided in subsection (a); or(2) be included in the coverage of a blanket surety bond described in subsection (a).Added by P.L. 189-2018,SEC. 25, eff. 7/1/2018.