79-1815. Authority; officers, members, and employees; surety bond requirements.
130 words·~1 min read·
/ne/chapter-79/79-1815A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Before the issuance of any bonds under the Nebraska Elementary and Secondary School Finance Authority Act, the chairperson, vice-chairperson, executive director, and assistant executive director, if any, and any other member of the authority authorized by resolution of the authority to handle funds or sign checks of the authority shall execute a surety bond in such amount as a majority of the members of the authority determine, or alternatively, the chairperson of the authority shall execute a blanket bond effecting such coverage.
Each surety bond shall be conditioned upon the faithful performance of the duties of the office or offices covered and shall be executed by a surety company authorized to transact business in this state, and the cost of each such surety bond shall be paid by the authority.