Sec. 1. There is established the Indiana bond bank, a separate body corporate and politic, constituting an instrumentality of the state for the public purposes set out in this article, but not a state agency. The bank is separate from the state in its corporate and sovereign capacity. The purpose of the bank as described […]
As added by P.L.5-1996, SEC.5. Repealed by P.L.177-2011, SEC.5.
Sec. 2. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board. (b) The board is composed of: (1) the treasurer of state, who shall be the chairman ex officio, or the treasurer of state’s designee; (2) the public finance director appointed under […]
As added by P.L.38-1988, SEC.2. Repealed by P.L.134-2012, SEC.5.
Sec. 3. The board shall: (1) elect one (1) of its members vice chairman; (2) appoint and fix the duties and compensation of an executive director, who shall serve as both secretary and treasurer; and (3) establish and maintain the office of the bank in Indianapolis. As added by P.L.25-1984, SEC.1.
Sec. 4. Four (4) directors constitute a quorum at any meeting of the board. As added by P.L.25-1984, SEC.1. Amended by P.L.38-1988, SEC.3.
Sec. 5. Action may be taken by the board at a meeting by the affirmative vote of at least four (4) directors. A vacancy on the board does not impair the right of a quorum of directors to exercise the powers and perform the duties of the board. As added by P.L.25-1984, SEC.1. Amended by […]
Sec. 6. (a) Each director and the executive director must execute a surety bond in an amount specified by the treasurer of state. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of director and executive director, respectively. In lieu of these surety bonds, the bank may execute […]
Sec. 7. (a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if he: (1) has, or to his knowledge, may have or may later acquire a direct or indirect pecuniary interest in a contract with the bank; or (2) is an officer, member, manager, director, or […]
Sec. 8. Neither a director nor a person executing bonds or notes issued under this article is liable personally on the bonds or notes. As added by P.L.25-1984, SEC.1.
Sec. 9. The executive director appointed under section 3 of this chapter shall, in addition to other duties fixed by the directors, administer, manage, and direct the employees of the bank. The executive director shall approve all amounts for salaries, allowable expenses of the bank or of any employee or consultant of the bank, and […]
