The City Treasurer of the City of Bradford shall
furnish a fidelity bond for the use of the City of Bradford, the County
of McKean, the Institution District of the County of McKean and the
Bradford Area School District in the sum of $500,000 conditioned for
the accounting for and paying over of all moneys received by him in
his capacity as City Treasurer and the safekeeping and payment over
of all public moneys entrusted to his care and that as Tax Collector
of the City, county, institution district and school taxes he shall
account for and pay over all moneys received by him as taxes, penalties
and interest.
The City Treasurer shall, in addition, furnish
insurance in the sum of $25,000 as protection against any and all
losses of said funds through fire, burglary, larceny, theft, robbery
or forgery.
The bond and insurance shall be subject to the
approval of City Council.