Sec. 11. Before the adoption and implementation of any education savings program, the:
(1) chairman;
(2) vice chairman;
(3) 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.
As added by P.L.165-1996, SEC.1.
Structure Indiana Code
Article 9. Education Savings Programs
Chapter 4. Authority Board of Directors and Officers
21-9-4-1. Board of Directors; Members; Vacancy; Chairperson; Removal
21-9-4-2. Salary; Reimbursement
21-9-4-3. Designation of Ex Officio Member
21-9-4-4. Power of Board to Employ Manager and Delegate Functions
21-9-4-6. Authority as Public Agency; Board as Governing Body
21-9-4-8. Annual Report by Authority
21-9-4-9. Acceptance of Gifts, Bequests, Donations, and Devises by Authority
21-9-4-10. Duties of Manager of Authority