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<br />Commissioner, and the successor shall serve for the remainder of <br /> <br />the vacated terms. <br /> <br />Each Redevelopment Commissioner, before beginning his or her <br /> <br />duties, shall take and subscribe an oath of office in the form <br /> <br />prescribed by law, to be endorsed on the certificate of his or her <br /> <br />appointment, which shall be promptly filed with the Clerk· <br /> <br />Treasurer of the Town of Mooresville. <br /> <br />Each Redevelopment Commissioner, before beginning his or her <br /> <br />duties, shall execute a bond payable to the State, with surety to <br /> <br />be approved by the President of the Town Council of the Town of <br /> <br />Mooresville. <br /> <br />The Bond must be in a penal sum of Fifteen Thousand <br /> <br />Dollars ($15,000.00) and must be conditioned on the faithful <br /> <br />performance of the duties of his or her office and the accounting <br /> <br />for all monies and property that may come into his or her hands or <br /> <br />under his or her control. <br /> <br />The cost of the bond shall be paid by <br /> <br />the Redevelopment District. <br /> <br />SECTION 4. <br /> <br />Such Commisioners shall have the qualifications <br /> <br />prescribed by the laws of the State of Indiana as from time to <br /> <br />time amended and shall qualify as therein provided; and shall <br /> <br />exercise and enJoy the rights and powers and assume the duties and <br /> <br />obligations conferred and imposed by said Act, including but not <br /> <br />limited to the following qualifications: <br /> <br />(a) A Redevelopment Commissioner must be at least 18 <br />years of age and must be a resident of the Town of <br />Mooresville. If a Commissioner ceases to be qualified under <br />this Section, he or she forfeits his or her office, <br /> <br />(b) No Redevelopment Commissioner of the Town of <br />Mooresville shall receive a salary; but such Redevelopment <br />Commissioners are entitled to reimbursement for expenses <br />necessarily incurred in the performance of their duties, <br /> <br />(c) A Redevelopment Commissioner may not have a <br />pecuniary interest in any contract, employment, purchase or <br />sale made under the provisions of this Ordinance and the Act. <br />However, any property required for redevelopment purposes in <br />which a Commissioner has a pecuniary interest may be <br />acquired, but only by gift or condemnation. A transaction <br />made in violation of this Section of this Ordinance is void, <br /> <br />SECTION 5, <br /> <br />The Clerk~Treasurer of the Town of Mooresville <br /> <br />charged by law for the performance of duties in respect to the <br /> <br />funds and accounts of the Town, shall perform the same duties with <br /> <br />respect to the funds and accounts of the Department of <br /> <br />Redevelopment, except as otherwise provided for in the Act. <br /> <br />·2- <br />