At the time of filing the petition or at any time subsequent thereto and prior to the time of hearing on said petition, a bond shall be filed, with security approved by the court, sufficient to pay all expenses, including any expenses of an election, connected with the proceedings in case the organization of the district is not effected. If at any time during the proceeding the court is 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 to be not less than ten days distant, and, upon failure of the petitioner to execute the same, the petition shall be dismissed.L. 37: p. 1316, § 5. CSA: C. 173B, § 19. CRS 53: § 149-6-5. C.R.S. 1963: § 150-5-5. L. 81: Entire section amended, p. 1754, § 2, effective June 19.