(a) The board shall require an employee who collects, pays, or handles district money to provide a good and sufficient bond that is:
(1) in an amount sufficient to safeguard the district;
(2) payable to the district; and
(3) conditioned on:
(A) the faithful performance of the employee’s duties; and
(B) accounting for all district money and property under the employee’s control.
(b) The district shall pay for the bond.