Title 20, Chapter 2, Section 960
(a) Any person employed as a principal on March 10, 1959, and any
person upon entering into employment as a principal of any public
school of this state shall execute a bond in an amount fixed by the
local board of education having jurisdiction over such school. The
bond shall be made payable to such local board and shall be
conditioned upon faithful and true accounting for all public and
other funds and all property coming into such principal's custody,
control, care, or possession. The premiums of such bonds shall be
paid by the local board out of the county educational fund.
(b) All bonds executed under the authority of this Code section
shall be subject to and governed by all the provisions of Chapter 4
of Title 45, relating to official bonds, which are not in conflict
with this part.