The official bonds of all municipal officers shall be prepared by the law director. Except as otherwise provided in this title, they shall be in such sum as the council prescribes by general or special ordinance and be subject to the approval of the mayor, except that the mayor's bond shall be approved by the council, or, if it is not legally organized, by the clerk of the court of common pleas of the county in which the corporation or the larger part thereof is situated.
(R.C. § 733.70)