All school principals and attendance center principals shall furnish good and sufficient surety bonds in like manner as required of superintendents. The amount of such bonds shall be not less than Fifty Thousand Dollars ($50,000.00), with sufficient surety.
The premium upon said bond shall be paid from the maintenance funds of the district served by such principal. Such bond shall be payable, conditioned and approved in the manner provided by law.
All such bonds shall be filed and recorded in the office of the clerk of the chancery court of the county in which the school district is located.
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