A.
The Chief Administrator, City Clerk-Treasurer, the Assistant City Clerk, the Assistant City Treasurer, the cashier and all other officers, employees and agents of the City who at any time shall have within their possession or custody or under their direction or control any City funds, securities, negotiable instruments or other such liquid assets of the City exceeding $100 in value shall, before entering upon the discharge of their official duties, give a bond payable to the City, in such amounts as may be prescribed in this Code or by other ordinance, resolution or order of the legislative body, conditioned upon the faithful performance of their respective duties and a true accounting to be given for all such assets of the City which may come within their possession or custody or under their direction or control, provided that the legislative body may provide for a blanket bond in lieu of individual bonds, in which case the amount of such blanket bond shall be not less than $25,000 for the Chief Administrator, City Clerk, the City Treasurer and the cashier, and not less than $20,000 for each policeman and not less than $10,000 for other officers and employees; and provided, further, that nothing in this section shall be deemed to preclude such other bonds as may be considered by the legislative body to be desirable in the interests of the City.
[Amended 4-26-2006 by Ord. No. 750]
B.
All bonds required by this section shall have as surety a bonding or casualty company authorized to do business in this state and shall be approved by the legislative body and by the City Attorney.
C.
The word "bond" as used in this section shall be construed to include a liability insurance policy.
D.
Premiums on bonds required or authorized by this section shall be paid by the City.