(1) The authority shall elect from among its members a chairman and a secretary who shall serve for such terms as the authority shall determine.
(2) The secretary shall be the authority's disbursing agent and executive officer. The secretary shall furnish bond, with a corporate surety, in the penal sum of fifty thousand dollars ($50,000) on the condition that he will faithfully perform his powers, functions, and duties, and properly handle all funds received and disbursed by him and account therefor. The premium on the bond shall be a proper charge against funds of the authority.