The mayor and other councilmen, the city manager, the city treasurer and such other officers and employees as the council by ordinance may designate, before entering upon their duties, shall provide bonds for the faithful performance of their respective duties, payable to the city, in such form and in such amounts as the council may prescribe by ordinance, with a surety company authorized to operate within the state; provided that the bonds for mayor and other councilmen shall be for $1,000 each unless the council by ordinance prescribes a greater amount. The city shall pay the premiums on such bonds.