§ 8.247

Each member of the board of directors of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars, or, in lieu thereof, the chairperson of the board shall execute a blanket position bond or procure an equivalent insurance product covering each board member, the executive director and the employees of the authority. Each surety bond or equivalent insurance product shall be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company or issued by an insurance company authorized to transact business in this state as surety or for an equivalent insurance product and shall be filed in the office of the Secretary of the State. The cost of each such bond or insurance product shall be paid by the authority.(1969, P.A. 795, S. 5; P.A. 88-266, S. 7, 46; P.A. 21-101, S. 5.)History: P.A. 88-266 replaced references to the authority with references to the board of directors where appearing; P.A. 21-101 replaced 'chairman' with 'chairperson', added provisions allowing board chairperson to procure an

ed references to the authority with references to the board of directors where appearing; P.A. 21-101 replaced 'chairman' with 'chairperson', added provisions allowing board chairperson to procure an equivalent insurance product, deleted provision requiring approval of surety bonds by the Attorney General and made technical and conforming changes, effective July 1, 2021.