N.Y. Educ. Law § 3709

§ 3709. Penalties of certain bonds. Whenever a school district\nofficer is required to furnish a bond under the provisions of section\nthirty-seven hundred eight in the penalty of double the amount of moneys\napportioned or to be received, and such district officer furnishes the\nbond of a surety or bonding company authorized by law to transact\nbusiness in this state and to execute such bond, the penalty thereof may\nbe fixed at the amount of moneys so apportioned or to be received, in\nlieu of the double penalty prescribed in such section.\n