Sec. 19. (a) Except as provided in subsection (b), each director of the board 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 is not required to 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 commission.
(b) Instead of a bond, the chair may execute a blanket surety bond covering each director.
(c) Each surety bond must 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 commission.
As added by P.L.233-2013, SEC.5.
Structure Indiana Code
Title 5. State and Local Administration
Article 1. Bonds and Other Obligations
Chapter 17.5. Motorsports Investment District
5-1-17.5-1. Legislative Findings
5-1-17.5-8. "Budget Committee"
5-1-17.5-11. "Motorsports Investment District"
5-1-17.5-13. "Political Subdivision"
5-1-17.5-14. "Qualified Motorsports Facility"
5-1-17.5-15. Commission Established; Purpose
5-1-17.5-16. Board of Directors of the Commission
5-1-17.5-17. Powers of the Commission
5-1-17.5-18. Staff Support and Expenses; Employees
5-1-17.5-19. Surety Bonds of Directors
5-1-17.5-20. Personal Liability of Directors
5-1-17.5-23. Director's Interest in Contracts or in Sale or Lease of Property Prohibited
5-1-17.5-25. Allocation of Amounts Appropriated to the Commission; Expiration Date of District
5-1-17.5-26. Filing of Informational Tax Returns by Certain Taxpayers; Guidelines
5-1-17.5-27. Submission to the Budget Agency of Resolution Establishing District
5-1-17.5-29. Information to Be Provided to Department of State Revenue
5-1-17.5-31. Powers of Indiana Finance Authority
5-1-17.5-32. Lease of Structures and Improvements; Requirements
5-1-17.5-33. Option to Renew Lease
5-1-17.5-34. Option to Purchase Leased Property; Conveyance of Property; Requirements
5-1-17.5-35. Authorization and Execution of Leases by Commission Board of Directors
5-1-17.5-37. Issuance of Bonds; Terms and Conditions; Use of Bond Proceeds
5-1-17.5-39. Securing of Bonds; Trust Indenture; Validity of Pledge or Assignment
5-1-17.5-40. Action to Contest Validity of Bonds
5-1-17.5-41. Equal Opportunities in Procurement and Contracting
5-1-17.5-42. Income Tax Withholding; Department of State Revenue Guidelines