Before the adoption and implementation of any education savings program, the:

1. (1) chairman;
2. (2) vice chairman;
3. (3) manager; and

4. (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.

As added by P.L.165-1996, SEC.1.