1. (a) The library board shall annually elect a treasurer of the public library. The treasurer may be either:

   1. (1) a member of the library board; or

   2. (2) an employee of the library.

      However, the library director appointed under section 24 of this chapter may not also be treasurer.

2. (b) The library board may fix the rate of compensation for the services of the treasurer.

3. (c) The treasurer:

   1. (1) is the official custodian of all library funds;
   2. (2) is responsible for the proper safeguarding and accounting of all library funds;
   3. (3) shall issue warrants approved by the library board in payment of expenses lawfully incurred in behalf of the public library; and
   4. (4) shall make financial reports of library funds and present the reports to the library board every month.
4. (d) The library board may prescribe the powers and duties of the treasurer consistent with this chapter.
5. (e) The treasurer may be removed by the board at any regular or special meeting by a majority vote of the entire membership of the board.
6. (f) The board may elect a successor treasurer if a vacancy occurs in the office.

7. (g) The treasurer shall give a surety bond for the faithful performance of the treasurer's duty and for the accurate accounting of all money coming into the treasurer's custody. The bond must be:

   1. (1) written by an insurance company licensed to do business in Indiana;
   2. (2) for the term of office of the treasurer;
   3. (3) in an amount determined by the library board;
   4. (4) paid for with the money from the library fund;
   5. (5) payable to the state of Indiana;
   6. (6) approved by the library board; and

   7. (7) deposited in the office of the recorder of the county in which the library district is located.

      [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-2-5.]

As added by P.L.1-2005, SEC.49.