The secretary and treasurer, within ten days afterappointment and before entering upon the duties of the office, shall execute to the school corporation a surety bond, or shall be covered by an insurance policy, in an amount sufficient to cover current operations as determined by the board. All such bonds or insurance policies shall be continued to the faithful discharge of the duties of the office. The amount and sufficiency of allsurety bonds or insurance policies shall be determined and approved by the board and shall be filed with the president. The cost of the surety bond or insurance policy shall be paid by the school corporation. Ifa single person serves as secretary and treasurer, pursuant to section 279.3 or 260C.12, only one bond or insurance policy is necessary for that person. The secretary and treasurer may give bond under a single bond, or be covered by an insurance policy, covering other employees of the district.
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