Sec. 11. (a) Each member of the authority, the public finance director, and any other employee or agent of the authority authorized by resolution of the authority to handle funds or sign checks, before beginning the individual's duties, shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). To the extent an individual described in this section is already covered by a bond required by state law, the individual need not obtain another bond so long as the bond required by state law is in at least the penal sum specified in this section and covers the individual's activities for the authority. Instead of a bond, the chair of the authority may execute a blanket surety bond covering each member and the employees or other officers of the authority. Each surety bond shall be conditioned upon the faithful performance of the individual's duties and shall be issued by a surety company authorized to transact business in this state as surety. At all times after the issuance of any surety bonds, each individual described in this section shall maintain the surety bonds in full force and effect. All costs of the surety bonds shall be borne by the authority. (b) The public finance director, before beginning the public finance director's duties, must: (1) execute a surety bond as provided in subsection (a); or (2) be included in the coverage of a blanket surety bond described in subsection (a). IC 5-1.2-4 Chapter 4. General Powers and Duties 5-1.2-4-1 Powers of Indiana finance authority 5-1.2-4-2 Prohibited activities 5-1.2-4-3 Issuance of bonds or notes; failure to pay obligations 5-1.2-4-4 Additional authority powers; capital improvements; northwest Indiana regional development authority; motorsports investment district; local innovation development district 5-1.2-4-5 Requirements; establishment of terms governing reserves or funding levels 5-1.2-4-6 Power to borrow money and issue bonds 5-1.2-4-7 Bonds; liability of authority; pledges as additional security 5-1.2-4-8 Bonds; liability of state 5-1.2-4-9 Bonds; issuance; procedure; terms 5-1.2-4-10 Bonds; authorized provisions 5-1.2-4-11 Bonds; issue to renew or pay bonds; refund 5-1.2-4-12 Pledges 5-1.2-4-13 Bonds; purchase by authority 5-1.2-4-14 Bonds; trust agreement or indenture 5-1.2-4-15 Bonds; negotiability 5-1.2-4-16 Bonds; execution; manual or facsimile signatures 5-1.2-4-17 Personal liability for acts authorized by affected statutes 5-1.2-4-18 Funds and accounts; establishment 5-1.2-4-19 Money; deposit; security; trust funds 5-1.2-4-20 Money for the payment of bonds; contracts; security 5-1.2-4-21 Bonds; pledge of state 5-1.2-4-22 Bonds; exempt from state taxes 5-1.2-4-23 Bonds; legal investments; securities 5-1.2-4-24 Application of state laws 5-1.2-4-25 Bonds; exempt for securities registration 5-1.2-4-26 Bond holders; right to specific performance 5-1.2-4-27 Payment of expenses and power to incur indebtedness; limitations; authority budget 5-1.2-4-28 Property; tax exemption 5-1.2-4-29 Annual report 5-1.2-4-30 Participants may invest funds 5-1.2-4-31 Borrowing money from the authority; issuing and selling bonds to the authority 5-1.2-4-32 Liability 5-1.2-4-33 Financial assistance agreement; default by the participant 5-1.2-4-34 Violations; material misstatement in application 5-1.2-4-35 Annual report 5-1.2-4-36 State debt management plan; established by the authority 5-1.2-4-37.5 Annual report on drinking water testing for lead
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