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(a) All of the pre-audit functions and duties of the School Controller as prescribed by law shall be exercised by the Superintendent or his designee. The Superintendent shall, establish and maintain a system of accounts and expenditure controls in accordance with the budgets approved by the Board of Education and in accordance with law. The Superintendent shall as soon as is practicable after the end of each fiscal year, submit to the Board an annual financial statement for the District for the past year. Such statement shall include itemized data with respect to all assets of the District, school taxes and receipts, outstanding indebtedness and sinking funds, if any, and such other information relating to the finances of the District as the Board may deem necessary or proper.
(b) The Board of Education shall, consistent with law, determine which officers and employees shall be required to furnish surety bonds, conditioned on the faithful performance of their respective duties, to determine the amounts of such bonds, and to approve the surety or sureties in each case.