12-2820.   Same; secretary; treasurer; compensation; oaths; bond oftreasurer.The board shall appoint a secretary and a treasurer, who need not bemembers of the board, to hold office during the pleasure of the board, andfix their duties and compensation. The secretary shall not be engaged inany other business or employment during his or her tenure of office assecretary of the board. Before entering upon the duties of their respectiveoffices they shall take and subscribe the constitutional oath of office,and the treasurer shall execute a bond with corporate sureties to beapproved by the board. The bond shall be payable to the authority inwhatever penal sum may be directed by the board conditioned upon thefaithful performance of the duties of the office and the payment of allmoney received by him or her according to law and the orders of the board.The board may, at any time, require a new bond from the treasurer in suchpenal sum as may then be determined by the board. The obligation of thesureties shall not extend to any loss sustained by the insolvency, failureor closing of any national or state bank wherein the treasurer hasdeposited funds if the bank has been approved by the board as a depositaryfor these funds. The oaths of office and the treasurer's bond shall befiled in the principal office of the authority.

      History:   L. 1955, ch. 118, § 20; April 13.