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 five hundred thousand dollars ($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 twenty-five thousand dollars ($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.