11-11-16. Surety bonds of commissioners and executive director--Blanket bond--Payment of cost.
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/sd/title-11/chapter-11-11/11-11-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Before entering into a commissioner's duties, each commissioner 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 chair of the authority shall execute a blanket bond or obtain an insurance policy covering each member, the executive director, and the employees or other officers of the authority, each surety bond and insurance policy to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company or insurance company authorized to transact business in this state and to be approved by the attorney general and filed in the office of the secretary of state.
The cost of each such bond or insurance policy shall be paid by the authority.