At the time of filing the petition or at any time subsequent to it and prior to the time of hearing on the petition, a bond shall be filed, with security approved by the court, sufficient to pay all expenses connected with the proceedings in case the organization of the district is not effected, provided that no bond shall be required in connection with a petition signed by the chairman of the board of county commissioners of a county after adoption of a resolution authorizing the filing of such petition. 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 in not less than ten days, and upon failure of the petitioner to execute the additional bond, the petition shall be dismissed.