At the time of filing the petition or at any time subsequent thereto, and prior to the time of hearing on the petition, a bond shall be filed in the amount of two thousand dollars, with security approved by the board of directors of such district to pay all expenses connected with the proceedings in case the annexation of said area to such district be not effected. If at any time during the proceeding the board of directors shall be satisfied that the bond first executed is insufficient in amount, it may require the execution of an additional bond within a time to be fixed at not less than ten days distant. Upon a failure of the petitioner to execute the same, the petition shall be dismissed.
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