71 IAC 13-1-9 Bond

Sec. 9. Prior to receiving funds pursuant to IC 4-35-7-12 and as a condition of continued receipt of funds pursuant to said statute, a registered horsemen's association shall procure a fidelity bond or crime insurance policy insuring the financial duties imposed upon a horsemen's association, its officers, directors, and employees by IC 4-35-7-12. The bond shall be in favor of the association for the benefits of its constituents and shall be in the form of a fidelity bond or crime insurance policy, in an amount equal to the funds received by the association pursuant to IC 4-35-7-12, adjusted annually. The costs of obtaining the bond or crime insurance policy may be paid by an association from funds allocated to it pursuant to IC 4-35-7-12 as a necessary expenditure for the operation of the horsemen's association required to implement and fulfill the purposes of IC 4-35-71-12.