Sec. 6.5. (a) At least sixty (60) days before the commencement of a horse racing meeting, a permit holder shall:
(1) post a bond in an amount not to exceed one million dollars ($1,000,000), as determined by the commission; or
(2) submit to the commission alternative proof of financial responsibility approved by the commission.
(b) A bond posted under subsection (a)(1):
(1) is subject to the approval of the commission; and
(2) must be payable to the commission as obligee for use in payment of the applicant's financial obligations to the commission or the state and other aggrieved parties, as determined by the rules of the commission.