A determination shall be made by the mayor, city commission, and city secretary of the amount of money necessary for the purpose of carrying out the provisions of applicable state and federal laws relating to the federal old age and survivors' insurance program. Such officials are hereby further authorized to prepare a form of indemnity bond for approval by the state department of public welfare, the mayor and city secretary being authorized to execute such bond as the authorized representatives of the city, as the city being the principal in such bond. Those officers are further authorized to negotiate and obtain the execution of such bond by a reputable surety corporation as the surety on such bond, the bond to be in the amount of money to be determined as provided for in the first part of this section. The conditions of the bond are to indemnify against the failure of the city to meet the financial requirements imposed and to be imposed upon it, in carrying out the provisions of the above-mentioned laws in instituting and operating a federal old-age and survivors' insurance program for the qualifying employees of the city. The bond shall be executed and submitted to the state department of public welfare in lieu of the city social security fund.
(Code 1973, § 2-369; Code 1997, § 34.27; Ordinance 55-8, adopted 4/22/1955)