At the time of filing the petition, or at any time after the filing and before the hearing on the petition, a bond, not exceeding in amount the sum of $1,000, in such form and with such surety or sureties as is approved by the court, must be filed for the purpose of insuring the payment of expenses connected with the proceedings in case the organization of the district is not effected. If at any time during the proceeding the court is satisfied that the bond first executed is insufficient in amount, it may require the execution of an additional bond within a time to be fixed, to be not less than 10 days distant, and upon failure of the board of county commissioners that filed the petition to execute the additional bond, the petition must be dismissed.