(1) The county mayor shall be chair of the board of directors.
(2) The board shall elect one (1) of the other directors secretary and treasurer of the board, and as the treasurer shall give bond in the sum of twenty-five thousand dollars ($25,000) faithfully to account for all money received as treasurer.
(3) The bond shall be approved by the monthly county court and payable to the county or state, for the use of the district, and shall be recorded in the record.