(a) Within 15 days after the date of appointment, a trustee must qualify for office by taking the official oath and filing a good and sufficient bond with the clerk or secretary of the municipality.
(b) The bond must be:
(1) in the amount prescribed by the governing body of the municipality, but not more than $5,000;
(2) payable to the order of the municipality;
(3) approved by the governing body; and
(4) conditioned that the trustee will faithfully perform the duties of trustee, including the proper handling of money that may come into the hands of the trustee in the trustee's capacity as a member of the board.
(c) The board shall pay the cost of the bond.