Section 42801.5 Of Article 1. Revolving Cash Fund From California Education Code >> Division 3. >> Title 2. >> Part 24. >> Chapter 10. >> Article 1.

. Notwithstanding the requirement to provide for indemnity bonds pursuant to Sections 42650 and 42801, the governing board of a school district may, in lieu thereof, insure against losses caused by an employee or an officer of a school district if the insurance gives the same or greater protection to the school district that a bond would provide in indemnifying the school district against any loss caused by the employee or officer of the district.