(a) Except as otherwise provided in this Municipal Code, all employees and elected and appointed officers of the City shall be covered under the provisions of a public employees blanket bond in lieu of the execution of individual bonds.
(b) The public employees blanket bond shall be executed in favor of the City by a surety company authorized to issue surety and fidelity bonds in the State and shall be in the amount of ten thousand dollars ($10,000) for each position or office held by an employee or officer of the City.
(c) The public employees blanket bond provided for herein shall be contingent on the faithful performance of the duties and offices of the individually covered employees or officers and on the accounting for and paying over to the proper officer of the City all monies or other property coming into the possession of the individually covered employee or officer and belonging to the City.