The Board shall require its executive director and its secretary-treasurer, if and when such executive director shall be employed, to execute bond in favor of the Authority, and conditioned on faithful performance of the duties of such offices and full accounting to the Authority. Each such bond shall be with corporate surety, provided by a corporate surety company qualified to transact business in this state and approved, in each instance, by the Board. The Board may, in like manner require similar bonds, with corporate surety, to be given by other officers, agents, and employees in such manner and in such penal sums, as it may specify from time to time, premiums payable to sureties on such bonds shall be paid by the Authority and may be chargeable as an operating expense of the Authority.
(Ord. 717, passed 8-28-80)