(a) A bond shall be filed with a petition.
(b) The bond shall be:
(1) in the amount of $50 per mile of ditch or other proposed drainage project;
(2) signed by two or more individual sureties or a licensed surety company;
(3) approved by the county commissioners or county council; and
(4) conditioned on payment of all costs and expenses of the proceedings if the county commissioners or county council do not grant the petition.