(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Self-Insured Fidelity Bond Trust Fund”.
(b) The fund shall consist of bond premiums collected under § 21-2-701 et seq.
(c) The fund shall be administered and disbursed by the Governmental Bonding Board for the use and benefit of participating governmental entities for bond claims and board expenses.