Before the issuance of bonds or notes under this chapter, each director shall execute a surety bond in the penal sum of $25,000 and the treasurer shall execute a surety bond in the penal sum of $50,000. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of the director or treasurer, to be executed by a surety company authorized to transact business in the state as surety and filed in the office of the lieutenant governor. After issuance of bonds or notes by the bond bank authority each director shall maintain the surety bond in force. All costs of the surety bonds shall be borne by the bond bank authority.
Section: Previous 44.85.005 44.85.010 44.85.020 44.85.030 44.85.040 44.85.050 44.85.060 44.85.070 44.85.080 44.85.085 44.85.086 44.85.090 44.85.095 44.85.100 44.85.110 NextLast modified: November 15, 2016