1. (a) Before the issuance of any bonds under this chapter:

   1. (1) the executive director of the commission;
   2. (2) each member of the commission; and

   3. (3) any other employee or agent of the commission authorized by resolution of the commission to handle funds or sign checks;

      shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000).

2. (b) If an individual described in subsection (a)(1) through (a)(3) is already covered by a bond required by state law, the individual does not need to obtain another bond if the bond required by state law:

   1. (1) is in at least the penal sum specified in subsection (a); and
   2. (2) covers the individual's activities for the authority.
3. (c) Instead of the surety bond required under subsection (a), the chairperson of the commission may execute a blanket surety bond covering each member, the executive director, and the employees or other officers of the commission.

4. (d) A surety bond required under this section must be:

   1. (1) conditioned upon the faithful performance of the individual's duties; and
   2. (2) issued by a surety company authorized to transact business in Indiana as a surety.
5. (e) After the issuance of any surety bonds, the surety bonds must be maintained in full force and effect at all times.

6. (f) The commission shall pay the costs of the surety bonds issued under this section.

   [Pre-2008 Recodification Citation: 15-1.5-2-14.]

As added by P.L.2-2008, SEC.4.