The committee shall not later than November 1, 1965, and as necessary thereafter, set the terms, conditions, or penalties of the bonds for state officers and employees to be covered by surety contracts purchased under this act. The committee shall also determine which officers and employees of the state shall be required to be bonded and shall set the amount of coverage of the bond or bonds so required. In determining which officers or employees shall be bonded, the committee may make such determination by classes of employees with due regard to the duties and responsibilities of officers and employees falling within such class. A blanket surety contract purchased hereunder may cover both elected and appointed officers and employees.