12-2820. Same; secretary; treasurer; compensation; oaths; bond of treasurer.
12-2820
12-2820. Same; secretary; treasurer; compensation; oaths; bond of
treasurer.
The board shall appoint a secretary and a treasurer, who need not be
members of the board, to hold office during the pleasure of the board, and
fix their duties and compensation. The secretary shall not be engaged in
any other business or employment during his or her tenure of office as
secretary of the board. Before entering upon the duties of their respective
offices they shall take and subscribe the constitutional oath of office,
and the treasurer shall execute a bond with corporate sureties to be
approved by the board. The bond shall be payable to the authority in
whatever penal sum may be directed by the board conditioned upon the
faithful performance of the duties of the office and the payment of all
money 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 such
penal sum as may then be determined by the board. The obligation of the
sureties shall not extend to any loss sustained by the insolvency, failure
or closing of any national or state bank wherein the treasurer has
deposited funds if the bank has been approved by the board as a depositary
for these funds. The oaths of office and the treasurer's bond shall be
filed in the principal office of the authority.
History: L. 1955, ch. 118, § 20; April 13.