The bond shall be executed by the operator and a corporate surety licensed to do business in the State of Texas, except that the operator may elect to deposit cash or negotiable securities acceptable to the commission, or an assignment of a savings account in a Texas bank on an assignment form prescribed by the commission. The cash deposit or market value of such substitute collateral shall be equal to or greater than the amount of the bond required for the bonded area. Cash or other substitute collateral shall be deposited on the same terms as the terms on which surety bonds may be deposited.