12-5612.   Secretary and treasurer; requirements;monetary transactions.(a) The board shall appoint a secretary and a treasurer, whoneednot bemembers ofthe board, to hold office during the pleasure of the board, and fix theirduties andcompensation. Before entering upon the duties of their respective offices theyshalltake and subscribe the constitutional oath of office, and the treasurer shallexecute abond with corporate sureties to be approved by the board. The bond shall bepayableto the authority in whatever penal sum may be directed by the board conditionedupon the faithful performance of the duties of the office and the payment ofallmoney received by the treasurer according to law and the orders of the board.The board at any time may require a new bond from the treasurer in such penalsumasmay then be determined by the board. The obligation of the sureties shall notextendto any loss sustained by the insolvency, failure or closing of any national orstatebank wherein the treasurer has deposited funds if the bank has been approved bytheboard as a depositary for these funds. The oaths of office and the treasurer'sbondshall be filed in the principal office of the authority.

      (b)   All funds deposited by the treasurer in any bank shall be placed in thename of theauthority and shall be withdrawn or paid out only by check or draft upon thebank,signed by the treasurer and countersigned by the chairperson of the board,exceptthatthe board may designate any of its members or any officer or employee of theauthority to affix the facsimile signature of the chairperson and another toaffixthefacsimile signature of the treasurer to any check or draft.

      (c)   In case any officer whose signature appears upon any check, draft, bond,certificate or interest coupon, issued pursuant to this act, ceases to holdsuch officer's office before the delivery thereof to the payee or the purchaserof any bond orcertificate, the officer's signature nevertheless shall be valid and sufficientfor allpurposes with the same effect as if the officer had remained in office untildeliverythereof.

      History:   L. 2006, ch. 83, § 12; July 1.