The city secretary shall execute a bond, payable to the city as required by law, and the city council shall determine the amount of bond at least annually. In the event the city council fails to determine the amount of bond for the succeeding year, then the amount last prescribed shall continue to be the amount of bond required to be executed. Such bond shall be a corporate surety bond and the city shall pay all cost, premium and expense connected therewith.
(2000 Code, sec. 8.403)