(a) The board may appoint a qualified person as district administrator.
(b) The district administrator serves at the will of the board and is entitled to the compensation determined by the board.
(c) On assuming the duties of district administrator, the administrator may execute a bond payable to the district in an amount set by the board of not less than $5,000 that:
(1) is conditioned on the administrator performing the administrator's required duties; and
(2) contains other conditions the board may require.
(d) The board may pay for the bond with district money.