(a) The board shall appoint a pool manager who serves at the pleasure of the board, and the board shall supervise the pool manager’s activities.
(b) The pool manager is entitled to receive the compensation authorized by the board.

(c) The pool manager shall execute a bond in the amount determined by the board. The bond must be payable to the pool and conditioned on the faithful performance of the pool manager’s duties.
(d) The pool shall pay the cost of the bond executed under this section.