1010.07  Bonds or insurance required.--

(1)  Each district school board, community college board of trustees, and university board of trustees shall ensure that each official and employee responsible for handling, expending, or authorizing the expenditure of funds shall be appropriately bonded or insured to protect the board and the funds involved.

(2)  Contractors paid from school district, community college, or university funds shall give bond for the faithful performance of their contracts in such amount and for such purposes as prescribed by s. 255.05 or by rules of the State Board of Education relating to the type of contract involved. It shall be the duty of the district school board, community college board of trustees, and university board of trustees to require from construction contractors a bond adequate to protect the board and the board's funds involved.