The secretary-treasurer shall, at the time of the receipt by him of the bonds, execute and deliver to the president of the board of commissioners of the district, a bond with good and sufficient sureties, to be approved by the board of commissioners, conditioned that he shall account for and pay over as required by law and as ordered by the board of commissioners any and all money received by him on the sale of the bonds, or any of them, and that he will only sell and deliver the bonds to the purchaser or purchasers thereof under and according to the terms herein prescribed, and that he will return, duly canceled, any and all bonds not sold, to the board of commissioners when ordered by the board so to do.  The treasurer’s bond shall remain in the custody of the president of the board of commissioners, who shall produce the same for inspection or for use as evidence whenever and wherever legally requested so to do.  All premiums for the bond shall be at the expense of the board.  The secretary-treasurer shall promptly report all sales of bonds to the board of commissioners.  

The board of commissioners shall cause to be deposited at the place of payment sufficient funds to pay the maturing bonds and coupons when due, as well as a reasonable compensation to the bank or trust company for paying the bonds and coupons.  

The successor in office of any secretary-treasurer shall not be entitled to the bonds or the proceeds thereof until he shall have complied with all the foregoing provisions applicable to his predecessor in office.  The bond of the secretary-treasurer, may, if the board shall so direct, be furnished by a surety or bonding company, which may be approved by the board of commissioners.