(a) The board shall appoint a district administrator.
(b) The district administrator may not receive an employment contract for a specified term and may be terminated at any time by the board.
(c) The district administrator may be required to execute a good and sufficient bond for $10,000 that is:
(1) payable to the district; and
(2) conditioned on the faithful performance of the administrator's duties.
(d) The district administrator's bond shall be deposited with the district's depository bank for safekeeping.
(e) The board may pay for the bond with district money.