(1) The Director of the Division of Career and Technical Education, or a disbursing agent designated by him or her and approved by the State Board of Education, shall give bond to the State of Arkansas as provided by law for other disbursing agents conditioned for the faithful performance of his or her duties and the faithful accounting for all the school money of the state, of any county, or of any school district that may come into his or her hands.
(2) The bond shall be in a solvent surety company having a right to do business in the State of Arkansas and shall be approved by the board.
(3) The premium on the bond shall be paid by the board as one of the expenses of the board.
(4) The state shall furnish the director with suitable offices.