(a) The Mayor shall give bond in the sum of ten thousand dollars ($10,000), subject to the approval of Council.
(b) Bonds shall be given by the following officers in the following amounts, subject to the approval of the Mayor:
(1) Each member of Council shall give bond in the amount of five hundred dollars ($500.00).
(2) The persons holding the offices of Tax Administrator and Assistant to the Tax Administrator shall give bond in the amount of ten thousand dollars ($10,000).
(3) The Chief of Police and all full-time and part-time patrolmen shall each give bond in the amount of ten thousand dollars ($10,000).