The Common Council hereby determines that no bond shall be required of the Mayor as Chairperson of the Stormwater Board. The Common Council further hereby fixes the bond required of the members of the Stormwater Board in the amount of $5,000 each. The Common Council further hereby fixes the bond required of the Treasurer of the Stormwater Board in the amount of $20,000, provided that the requirement of the bond shall be waived if the Treasurer appointed by the Stormwater Board is the City Controller. The City Clerk shall file all bonds with the Floyd County Recorder as provided by I.C. 5-4-1-5.1.
(Ord. G-06-20, passed 6-5-2006)