A. Whenever a provision of this Title requires the posting of a bond or other security for the performance of a duty which bond runs in favor of a state agency, board, or commission, in lieu of the bond or other security, cash, a certificate of deposit, an irrevocable letter of credit, a money order, or a certified check in the same amount specified for the bond shall satisfy the security requirement.
B. It shall be the responsibility of the governing authority of each such entity which requires the posting of a bond or other security to adopt rules providing for the receipt and handling of such deposits, including whether or in what manner interest will be paid.