(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) Before assuming the duties of district administrator, the administrator shall execute a bond in the amount determined by the board of not less than $5,000 that is:
(1) payable to the district; and
(2) conditioned on the faithful performance of the administrator's duties under this chapter.
(d) The bond shall be kept in the district's permanent records.
(e) The district administrator shall obtain the bond from an insurer authorized to engage in business in this state.
(f) The board may pay for the bond with district money.