(a) The members of the Authority must elect a secretary-treasurer who may or may not be a member of the Authority.
(b) Before the Authority issues any revenue bonds under this Chapter, the secretary-
treasurer of the Authority must execute a surety bond in an amount set by the Authority, with the consent of the Executive or designee. The surety bond must be conditioned
upon the faithful performance of the duties of the office of secretary-treasurer by the secretary-treasurer. This surety bond must be issued by a surety company authorized to transact business in the State as surety and must be approved by the County Attorney. The surety bond should be filed with the Director of Finance. The Authority must pay the bond premium. (1992 L.M.C., ch. 35, § 2.)
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