(a) Each director shall qualify for office by executing a good and sufficient commercial bond for $1,000 that is:
(1) payable to the district; and
(2) conditioned on the faithful performance of the director's duties.
(b) The district shall pay for a director's bond.
(c) Each director's bond and constitutional oath or affirmation of office shall be deposited with the district's depository for safekeeping.