Be it further enacted, that every officer, agent and employee having duties embracing the receipt, disbursement, custody, or handling of money shall, before entering upon his duties, execute a fidelity bond with some surety company authorized to do business in the State of Tennessee, as surety (except that bonds for one thousand dollars ($1,000) or less may be given with personal surety) in such amount as shall be prescribed by ordinance of the City Council, except where the amount is prescribed in this charter. All such bonds and sureties thereto shall be subject to the approval of the City Council. The cost of making the bonds is to be paid by the city. (As amended by Priv. Acts 1972, ch. 416, sec. 7, Priv. Acts 1995, ch. 55, sec. 2, and Priv. Acts 2014, ch. 55, sec. 1)