(a) The applicant and a corporate surety licensed to do business in this state shall execute the bond unless the applicant elects to deposit security under Subsection (b).
(b) The applicant may elect to deposit as security for the performance of the applicant's obligations under the bond:
(1) cash;
(2) negotiable bonds of the United States government or the state; or
(3) negotiable certificates of deposit of a bank organized or transacting business in the United States.
(c) The cash deposit or market value of the securities deposited under Subsection (b) must equal or exceed the amount of the bond required for the bonded area.