The chairperson and clerk or administrator of any community improvement district shall, upon assuming his or her respective office, execute and file with the city or village clerk of the city or village in which such community improvement district is located, a bond, with one or more sureties, to be approved by the city or village clerk, running to the State of Nebraska in the penal sum of five thousand dollars for the chairperson, twenty thousand dollars for the clerk, and twenty thousand dollars for the administrator, conditioned for the faithful performance of their official duties and the faithful accounting by them for all funds and property of the community improvement district that shall come into their possession or control during their term of office. The premium, if any, on any such bond shall be paid out of the funds of the community improvement district. Suit may be brought on such bonds by any person, firm, or corporation that has sustained loss or damage in consequence of the breach thereof.