(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Fidelity Bond Trust Fund”.
(2) The fund shall consist of bond premiums collected under § 21-2-701 et seq., there to be administered and disbursed by the Governmental Bonding Board for the use and benefit of participating governmental entities for bond claims and board expenses.