(a) The disbursement of funds in the State Treasury, of federal funds granted to the state or to a state agency, of bank funds of a state agency, of trust funds of a state agency, or of any other special funds belonging to a state agency shall be done only by a bonded official or bonded employee in the manner prescribed by law.
(b) Each disbursing officer or disbursing agent shall furnish bond in the penal sum required by law or, in the absence of any law on the subject, in an amount fixed by the Chief Fiscal Officer of the State and the Auditor of State with a corporate surety company authorized to do business in this state and conditioned upon the faithful performance of his or her duties and for the proper accounting for all funds received and disbursed by him or her.