(a) As soon as practicable after a director is elected or appointed, the director shall execute a bond for $5,000 that is:
(1) approved by the board;
(2) payable to the district; and
(3) conditioned on the faithful performance of the director's duties.
(b) The district may pay for a director's bond with district money.
(c) Each director's bond and constitutional oath or affirmation of office shall be filed with the board and retained in the board's records.