12-5712.   Secretary and treasurer; requirements;monetary transactions.(a) The board shall appoint a secretary and a treasurer, whoneed not be members of the board, to hold office during the pleasure ofthe board, and fix their duties and compensation. Before entering uponthe duties of their respective offices they shall take and subscribe theconstitutional oath of office, and the treasurer shall execute a bond withcorporate sureties to be approved by the board. The bond shall be payableto the authority in whatever penal sum may be directed by the boardconditioned upon the faithful performance of the duties of the office andthe payment of all money received by the treasurer according to law andthe orders of the board. The board at any time may require a new bondfrom the treasurer in such penal sum as may then be determined by theboard. The obligation of the sureties shall not extend to any loss sustainedby the insolvency, failure or closing of any national or state bank whereinthe treasurer has deposited funds if the bank has been approved by theboard as a depositary for these funds. The oaths of office and the treasurer'sbond shall be filed in the principal office of the authority.

      (b)   All funds deposited by the treasurer in any bank shall be placedin the name of the authority and shall be withdrawn or paid out only bycheck or draft upon the bank, signed by the treasurer and countersignedby the chairperson of the board, except that the board may designate anyof its members or any officer or employee of the authority to affix thefacsimile signature of the chairperson and another to affix the facsimilesignature 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 tohold such officer's office before the delivery thereof to the payee or thepurchaser of any bond or certificate, the officer's signature neverthelessshall be valid and sufficient for all purposes with the same effect as if theofficer had remained in office until delivery thereof.

      History:   L. 2007, ch. 120, § 12; July 1.