Surety bond

Sec. 15. Before the adoption and implementation of a qualified ABLE program: (1) the chairperson; (2) the vice chairperson; (3) the manager; and (4) any officer elected by the authority or member of the authority authorized by resolution to handle funds or sign checks; shall execute a surety bond in the penal sum of one hundred thousand dollars ($100,000). The surety bond shall be conditioned upon the faithful performance of the duties of the office of the principal and shall be executed by a surety company authorized to transact business in Indiana. The authority shall pay the cost of the bonds. As added by P.L.12-2016, SEC.8.