Be the depository for and the custodian of all official
surety bonds furnished by or on account of any officer or employee,
except his own bond which shall be placed in the custody of the Treasurer;
of all insurance policies on or with respect to risks insured for
the benefit of the Borough or to protect it against any claim, demand
or liability; and of all formal contracts for work, labor, services,
supplies, equipment and materials to which the Borough may be a party.