12-5812.   Same; secretary and treasurer;requirements; monetary transactions.(a) 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, and fixtheir duties and compensation.Before entering upon the duties of their respective offices they shall take andsubscribe theconstitutional oath of office, and the treasurer shall execute a bond withcorporate sureties to beapproved by the board. The bond shall be payable to the authority in whateverpenal sum may bedirected by the board conditioned upon the faithful performance of the dutiesof the office and thepayment of all money received by the treasurer according to law and the ordersof the board. Theboard at any time may require a new bond from the treasurer in such penal sumas may then bedetermined by the board. The obligation of the sureties shall not extend to anyloss sustained by theinsolvency, failure or closing of any national or state bank wherein thetreasurer has deposited fundsif the bank has been approved by the board as a depositary for these funds. Theoaths of office andthe treasurer's bond shall 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      (b)   All funds deposited by the treasurer in any bank shall be placed in thename of theauthority and shall be withdrawn or paid out only by check or draft upon thebank, signed by thetreasurer and countersigned by the chairperson of the board, except that theboard may designate anyof its members or any officer or employee of the authority to affix thefacsimile signature of thechairperson and another to affix the facsimile signature of the treasurer toany check or draft.

      (c)   In case any officer whose signature appears upon any check, draft, bond,certificate orinterest coupon, issued pursuant to this act, ceases to hold such officer'soffice before the deliverythereof to the payee or the purchaser of any bond or certificate, the officer'ssignature neverthelessshall be valid and sufficient for all purposes with the same effect as if theofficer had remained inoffice until delivery thereof.

      History:   L. 2008, ch. 85, § 12; July 1.