Sec. 20. (a) All tax revenues coming into possession of the economic development commission shall be deposited, held, and secured in accordance with the statutes relating to the handling and investing of public funds. The handling and expenditure of this money is subject to audit and supervision by the state board of accounts.

     (b) Contracts for construction and equipment of economic development or pollution control facilities need not be let in accordance with IC 5-16, IC 5-17, or any other statute relating to public contracts.

     (c) Any employee of the economic development commission authorized to receive, disburse, or in any other way handle money or negotiable securities of the commission shall execute a bond payable to the state, with surety to consist of a surety or guaranty corporation qualified to do business in the state. The bond must be in an amount determined by the commission, and must be conditioned upon the employee’s faithful performance of the employee’s duties and the accounting for all monies and property that may come into the employee’s hands or under the employee’s control. The cost of these bonds shall be paid by the commission.

[Pre-Local Government Recodification Citation: 18-6-4.5-13 part.]

As added by Acts 1981, P.L.309, SEC.31. Amended by P.L.35-1990, SEC.48; P.L.252-2015, SEC.46.