The treasurer of the central state university, before entering upon the discharge of the treasurer’s duties, shall give a bond to the state or be insured for the faithful performance of the treasurer’s duties and the proper accounting for all moneys coming into the treasurer’s care. The amount of the bond or insurance shall be determined by the board of trustees of central state university, but shall not be for a sum less than the amount that the board estimates may come into the treasurer’s control at any time, less any reasonable deductible.