The chief inspector shall furnish a bond in the sum of Five Thousand Dollars ($5,000.00), and each of the deputy inspectors employed and paid by the state shall furnish a bond in the sum of Two Thousand Dollars ($2,000.00), conditioned upon the faithful performance of their duties and upon a true account of monies handled by them respectively and the payment thereof to the proper recipient. The cost of said bonds shall be paid from funds appropriated by the legislature for administration of this chapter.