(a) As soon as practicable after a director is elected or appointed, the director shall execute a bond for $5,000 that is:
(1) approved by the board;
(2) payable to the district; and
(3) conditioned on the faithful performance of the director’s duties.
(b) Each director’s bond and constitutional oath or affirmation of office shall be filed with the district and retained in the district’s records.