(1) A municipal board of improvement may appoint a treasurer of the district, who shall take the oath of office prescribed by § 14-88-302 and shall execute a bond in favor of the board in a sum equal to the amount of moneys that will probably come into his or her hands in any one (1) year.
(2) The bond shall be signed by a corporate surety company authorized to do business as such in this state. It shall be conditioned that the treasurer will faithfully discharge the duties of his or her office and that he or she will account for and pay over all moneys that may come into his or her hands according to law and the orders of the board.
(3) The same person may be treasurer of more than one (1) district, but moneys of each shall be kept separately.
(4) The treasurer shall pay out no moneys except on order of the board.
(5) Upon order of the board to pay out moneys, the chair or one (1) of the other commissioners appointed to act on behalf of the chair shall approve the warrant.