Article 58.--DESOTO/JOHNSON COUNTY RIVERFRONT AUTHORITY
12-5812.Same; secretary and treasurer;
requirements; monetary transactions.
(a) 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.
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 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 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.
(b) All funds deposited by the treasurer in any bank shall be placed in the
name of the
authority and shall be withdrawn or paid out only by check or draft upon the
bank, signed by the
treasurer and countersigned by the chairperson of the board, except that the
board may designate any
of its members or any officer or employee of the authority to affix the
facsimile signature of the
chairperson and another to affix the facsimile 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 hold such officer's
office before the delivery
thereof to the payee or the purchaser of any bond or certificate, the officer's
signature nevertheless
shall be valid and sufficient for all purposes with the same effect as if the
officer had remained in
office until delivery thereof.
Article 58.--DESOTO/JOHNSON COUNTY RIVERFRONT AUTHORITY
12-5812.Same; secretary and treasurer;
requirements; monetary transactions.
(a) 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.
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 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 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.
(b) All funds deposited by the treasurer in any bank shall be placed in the
name of the
authority and shall be withdrawn or paid out only by check or draft upon the
bank, signed by the
treasurer and countersigned by the chairperson of the board, except that the
board may designate any
of its members or any officer or employee of the authority to affix the
facsimile signature of the
chairperson and another to affix the facsimile 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 hold such officer's
office before the delivery
thereof to the payee or the purchaser of any bond or certificate, the officer's
signature nevertheless
shall be valid and sufficient for all purposes with the same effect as if the
officer had remained in
office until delivery thereof.
Article 58.--DESOTO/JOHNSON COUNTY RIVERFRONT AUTHORITY
12-5812.Same; secretary and treasurer;
requirements; monetary transactions.
(a) 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.
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 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 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.
(b) All funds deposited by the treasurer in any bank shall be placed in the
name of the
authority and shall be withdrawn or paid out only by check or draft upon the
bank, signed by the
treasurer and countersigned by the chairperson of the board, except that the
board may designate any
of its members or any officer or employee of the authority to affix the
facsimile signature of the
chairperson and another to affix the facsimile 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 hold such officer's
office before the delivery
thereof to the payee or the purchaser of any bond or certificate, the officer's
signature nevertheless
shall be valid and sufficient for all purposes with the same effect as if the
officer had remained in
office until delivery thereof.