State Codes and Statutes

Statutes > Arkansas > Title-22 > Chapter-3 > Subchapter-9 > 22-3-906

22-3-906. Director of Arkansas Building Authority.

(a) The Director of the Arkansas Building Authority shall be the custodian of all property held in the name of the authority, shall be its disbursing agent and executive officer, and shall administer the provisions of this subchapter and the rules, regulations, and orders established thereunder.

(b) The authority may, by resolution duly adopted, delegate to the director any of the powers or duties vested in or imposed upon it by this subchapter. Until the resolution shall subsequently have been modified or rescinded, the delegated powers and duties may be exercised by the director in the name of the authority.

(c) The director, subject to the approval of the authority, shall employ such assistants and other personnel as are, in his or her opinion, necessary to properly administer the provisions of this subchapter.

(d) (1) The director shall furnish bond to the state, with a corporate surety thereon, in the penal sum of twenty-five thousand dollars ($25,000), conditioned that he or she will faithfully perform his or her duties and properly account for all funds received and disbursed by him or her.

(2) An additional disbursing agent's bond shall not be required of the director, and the bond so furnished shall be filed in the office of the Secretary of State, and an executed counterpart thereof shall be filed with the Auditor of State.

(3) The premium on the bond shall be a proper charge against the funds under the control of the authority.