If available, the city shall subscribe to and maintain blanket bond coverage by and through its insurance authority. Such coverage shall be bound for the finance director before she/he enters upon the discharge of her/his official duties and shall be in an amount of not less than $10,000.
Should blanket bond coverage not be available, the finance director, before entering upon the discharge of her/his duties, shall enter into an individual faithful performance bond in the amount of not less than $10,000 with a surety approved by the mayor. The premium on such individual faithful performance bond shall be paid by the city.
(Ord. 900-06 § 2)