In the event the Authority Board employs a Director as authorized by Section 6(1) of Act 381, the Director, before entering upon the duties of his or her office, shall post a bond in the penal sum of ten thousand dollars ($10,000), payable to the Authority for the use and benefit of the Authority, approved by the Authority Board and filed with the City Clerk. The premium on the bond furnished by the Director shall be deemed an operating expense of the Authority, payable from funds available to it for expenses of operations.
(Res. 00-38. Passed 9-25-00.)