(a) A director shall, within 15 days after the date of appointment, qualify by taking the constitutional oath of office and by filing a good and sufficient bond with the secretary of state.
(b) The bond is subject to approval by the secretary of state and must:
(1) be in the amount of $5,000;
(2) be payable to the authority; and
(3) be conditioned on the faithful performance of the duties as a director.