The Board of Directors of the public library established and maintained under this article shall supervise the expenditure of all money credited to the library fund. All money appropriated or collected for public library purposes shall be deposited as the Board shall direct and be disbursed by the officer designated by that Board. Such officer, before entering upon his duties shall give bond payable to and in an amount fixed by the Board, conditioned for the faithful discharge of his official fiscal duties. The cost of such bond shall be paid from the library fund. The books, records and accounts of the library Board shall be subject to audit and examination by the office of the State Tax Commissioner.
(1970 Code Sec. 23-7)