(a) Each director may be required to execute a good and sufficient bond for $1,000 that is:
(1) payable to the district; and
(2) conditioned on the faithful performance of the director’s duties.
(b) The board may pay for a director’s bond with district money.

(c) Each director’s bond and constitutional oath or affirmation of office shall be deposited with the district’s depository bank for safekeeping.