Nebraska § 58-237 - Authority; members; executive director; surety bond.

§ 58-237. Authority; members; executive director; surety bond.

Before the issuance of any bonds under the Nebraska Investment Finance Authority Act, each member of the authority shall execute a surety bond in the penal sum of twenty-five thousand dollars. The executive director of the authority shall execute a surety bond in the penal sum of fifty thousand dollars. To the extent that any member of the authority or the executive director of the authority is already covered by a bond required by state law, such member or the executive director need not obtain another bond so long as the bond required by state law is in at least the penal sum specified in this section and covers the member's or executive director's activities for the authority. In lieu of such bonds the chairperson of the authority may execute a blanket surety bond covering each member, the executive director, and the employees or other officers of the authority. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of the member or executive director and shall be issued by a surety company authorized to transact business in the state as surety. At all times after the issuance of any surety bonds, each member and executive director shall maintain such surety bonds in full force and effect. All costs of the surety bonds shall be paid by the authority.