Before entering upon the performance of the duties of his office, each of said councilmembers shall make a bond with a satisfactory corporate surety thereon, in the principal amount of five thousand dollars ($5,000), payable to the City of Crossville, and conditioned upon the faithful performance of the duties of the office of city councilmembers. The premium on said bond shall be paid out of the city treasury as an expense of the city. (As amended by Priv. Acts of 1965, ch. 259, sec. 6; Priv. Acts 1972, ch. 416, sec. 2; Priv. Acts 1995, ch. 55, sec. 3; and Priv. Acts 2014, ch. 55, sec. 1)