(1) All publicly owned school district buses which are hereafter acquired, and all publicly owned school district buses which shall hereafter be repainted, whether presently owned or hereafter acquired, and all publicly owned school district buses which do not have the name of the county or school district owning same painted thereon, whether such buses be owned by the county or a school district, shall have painted on both sides thereof the name of the county or school district owning same. Such words shall be painted on each such bus in letters at least five (5) inches in height and in a color which is in contrast with the color of the vehicle.
(2) Any contract entered into by a school district for the operation, rental or leasing of school buses with private or public entities under the authority provided in Section 37-41-3, or the purchase of school buses to be used by a school district under the authority provided in Sections 37-41-29 and 37-41-31, shall stipulate in the contractual agreement that the entity from whom the school bus is rented, leased or purchased, or which is providing the transportation service, shall cause to be placed on the bus, the required district-identifying signage required under subsection (1), before delivery of the school bus into possession of the school district.
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