Sec. 25. (a) Unless provided otherwise, all funds coming into possession of the
authority shall be deposited, held, and secured or invested in accordance with the general statutes relating to the handling of public funds. The handling and expenditure of funds coming into possession of the authority is subject to audit and supervision by the state
board of accounts. All contracts for construction and equipment of any building shall be let in accordance with the general statutes relating to public contracts.
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Terms Used In Indiana Code 36-10-10-25
- Authority: refers to a civic center building authority created under this chapter. See Indiana Code 36-10-10-2
- Board: refers to the board of directors of the authority. See Indiana Code 36-10-10-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(c) Any officer or employee of the authority authorized to receive, disburse, or in any way handle funds or negotiable securities of the authority shall execute a bond payable to the state, with surety to consist of a surety or guaranty corporation qualified to do business in Indiana, in an amount determined by the board. The bond shall be conditioned upon the faithful performance of the officer’s or employee’s duties and the accounting for all money and property that may come into the officer’s or employee’s hands or under the officer’s or employee’s control. The cost of the bonds shall be paid out of funds of the authority.
(d) The records of the authority are public records.
As added by Acts 1982, P.L.218, SEC.4. Amended by P.L.127-2017, SEC.390.
