Sec. 441.115.  CONTRACTOR BOND.  A contractor shall execute a bond for the amount of the contract price.  The bond must be payable to and approved by the board and conditioned on:
(1)  faithful performance of the contract obligations;  and
(2)  payment to the district of damages resulting from any default.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.