Page 126
House Bill No. 5506
Public Act No. 22-118 126 of 739
[(d) The Governor shall select a chairperson of the board from among the members of the board.] (c) Notwithstanding the provisions of section 4-9a, the Comptroller shall be the chairperson of the board. The board shall annually elect a vice-chairperson and such other officers as it deems necessary from among its members. [The board may appoint an executive director who shall not be a member of the board and who shall serve at the pleasure of the board. The executive director shall be an employee of the authority and shall receive such compensation as prescribed by the board.] [(e)] (d) The members of the board shall serve without compensation but shall, within available appropriations, be reimbursed in accordance with the standard travel regulations for all necessary expenses that they may incur through service on the board. [(f) (1)] (e) Each member of the board shall, not later than ten calendar days after his or her appointment, take and subscribe the oath of affirmation required by article XI, section 1, of the State Constitution. Each member's term shall begin from the date the member takes such oath. The oath shall be filed in the office of the Secretary of the State. [(2) Each member of the board authorized by resolution of the board to handle funds or sign checks for the program, and any other authorized officer, shall, not later than ten calendar days after the date the board adopts such authorizing resolution, execute a surety bond in the penal sum of fifty thousand dollars or procure an equivalent insurance product or, in lieu thereof, the chairperson shall obtain a blanket position bond covering the executive director and every member of the board and other employee or authorized officer of the authority in the penal sum of fifty thousand dollars. Each such bond or equivalent insurance product shall be (A) conditioned upon the faithful performance of the duties of the chairperson or the members, executive director and other authorized officers or employees, as the case may be, and (B) issued by an insurance company authorized to transact business