The state treasurer before making such deposits shall require each bank, banking institution or trust company to give a good and sufficient bond, containing a warrant of attorney to confess judgment in favor of the Commonwealth in double the amount of the contemplated deposit, with sureties to be approved by the board of revenue commissioners¹ of the Commonwealth of Pennsylvania, and no deposit shall at any time be greater than one-half of the amount of the bond furnished by said depository. And, further, the said bond or bonds so given shall include a special obligation to settle with and pay to the state treasurer, for the use of the Commonwealth, the amount of interest as it shall become due, semiannually.