(a) Any regional council member, executive committee member, employee, officer or any other authorized person of the regional council who receives public funds, has authority to make expenditures from public funds or has access to any public funds is hereby required to give bond to be made payable to the state with such sureties as provided in this chapter. Such bond is to be conditioned in all cases in which a different condition is not prescribed upon the faithful discharge of any part thereof.

(b) Such official bond shall be executed in the same form as that prescribed by § 8-19-101 for county and state officials and employees.

(c) The amount of such required bond shall be a reasonable amount as determined by the amount of public funds received, expended or the amount to which such person had access during the previous fiscal year. In the case of a new office or position, the amount of such bond shall be reasonable to protect the public from breach of the condition of faithful discharge of the duties of such office or position, when the amount of public funds to be received, expended or to which that person will have access is considered.

(d) All such official bonds shall be signed by authorized individuals of a corporate surety, and such corporation shall be duly licensed to do business in Tennessee as a surety.

(e) The official bonds required under this section are hereby required to be transmitted to the comptroller of the treasury, be filed in comptroller of the treasury's office, and be receipted for by comptroller of the treasury.

(f) No examination or certification of any such bonds is required in this section.

(g) Provisions for bonds of all state and county officers set forth in title 8, chapter 19 shall also govern the bonds of all persons covered under this section, so far as title 8, chapter 19 are not inconsistent with this section.

(h) The regional council shall pay the premiums for such bonds.