A. Where a school board undertakes a career and technical education project by contract with a corporation, the school board may advance, contribute and loan funds to the corporation. The contract shall contain:
B. Where the school board contributes or loans funds to the corporation, such contract shall provide for the posting of a bond with surety by the officers of the corporation conditioned to protect the rights of the school board.
Code 1950, §§ 22-330.41, 22-330.42; 1974, c. 336; 1980, c. 559; 2001, c. 483.