Sec. 5. Before beginning the duties of office, the judge of a town court must:
(1) take and subscribe to the same oath of office as judges of circuit courts; and
(2) execute a bond payable to the town in the penal sum of five thousand dollars ($5,000), conditioned upon the faithful performance of the duties of the judge's office with good and sufficient surety.
The bond must be approved by the legislative body of the town and filed in the office of the town clerk-treasurer.