Any person opposing the creation of such district who appeals from the judgment of the county court establishing the district shall execute bond, with good security, in the penalty of four percent (4%) of the estimated cost of the improvement, as shown by the engineer's report, and conditioned to pay all such damages, actual, and also punitive, if any, and costs as may be suffered by the district and the petitioners for the damages, if such appeal is not successfully prosecuted, such damages to be recovered by suit upon the bond or writ of inquiry in the circuit court, which may be awarded in such cases. If the appeal is from a judgment of the county court refusing to establish the district, the appeal bond shall be for costs only. The appeal bonds, when made by persons asking damages or by persons opposing the establishment of such district, shall be made payable to the state of Tennessee, for the use of those entitled, upon which bond judgment may be rendered in favor of the party or parties litigant for costs, and suits maintained for damages, actual, and also punitive, if any, in the name of the state, for the use of the district or parties entitled.