(a) The mayor and each commissioner of the municipality must execute a bond. The bond must be:
(1) in the amount of $3,000;
(2) conditioned that the mayor or commissioner will faithfully perform the duties of the office;
(3) payable to the municipality for its use and benefit; and
(4) approved by the governing body.
(b) The bonds of the initial commissioners must be approved by the governing body within 20 days after the date the county judge or the mayor enters the order under Section 8.006 or 8.026.