(a) At a joint meeting held for that purpose in the county having the greatest population, the commissioners of the counties included in whole or part in a road district established under this subchapter shall select a treasurer or depository for the district. The treasurer or depository must be a bank, banking corporation, or individual banker resident in the district.
(b) The treasurer or depository is governed by the laws and subject to the penalties applicable by law to a depository of county money.
(c) The selected treasurer or depository may not receive any road district money until the treasurer or depository gives a surety bond to the district:
(1) in an amount equal to the amount of district money deposited;
(2) made with a corporate surety authorized to do business in the state; and
(3) conditioned on the safekeeping and paying of the district money.