Section 1. There shall be a department to be known as the department of the state auditor under his supervision and control, organized as provided in this chapter. The state auditor shall receive a salary of $124,920 and an additional amount to be calculated by applying the adjustment percentage most recently ascertained by the governor pursuant to Article CXVIII of the Articles of Amendment to the Constitution to the preceding figure and the state auditor shall give to the state treasurer a bond for the faithful performance of his official duties in a penal sum and with sureties approved by the governor and council.
Notwithstanding other provisions of this section to the contrary, any state auditor who has served, or but for resignation would have served, for two consecutive terms in that office within the preceding eleven years shall receive no compensation. For the purpose of this section, any person serving as state auditor as of January 15, 1995 shall be deemed to be serving his first term in that office.