Officers or employees receiving and disbursing or accounting for public funds are to provide an official bond. The City Council shall determine by ordinance which other officers and employees are to provide such bond, and shall determine the amount and terms thereof. All bonds shall be executed by a responsible corporate surety, shall be approved as to form by the City Attorney, and shall be filed with the City Clerk. Premiums on official bonds shall be paid by the city. There shall be no personal liability upon, or any right to recover against, a superior officer or his bond for any wrongful act or omission of his subordinate, unless such superior officer was a party to or conspired in such wrongful act or omission.