(a) Not later than the 15th day after the date of an election or appointment of a director or officer, the director or officer shall file a good and sufficient bond with the board secretary.
(b) The bond must be:
(1) in the amount of $5,000;
(2) payable to the authority;
(3) conditioned on the faithful performance of duties as a director or officer; and
(4) subject to approval by the board secretary.