(1) The premiums on all bonds given by public officers and employees shall be paid out of any funds available for such expenditure.
(2) Any authority, board, commission or other public entity created by state law is hereby authorized and empowered to expend such portion of its funds as may be found necessary to pay all premiums on surety bonds drawn in favor of the State of Mississippi, which such public entity may require its employees to furnish for the faithful performance of their duties.
(3) This section is to apply only to the payment of such surety bond premiums as are not now otherwise provided for by law.