Before assuming their official duties, the City Administrator, the Finance Director, and other officers and employees required by ordinance must each provide the city a corporate surety bond securing the proper performance of official duties and the safekeeping of public funds. The city will pay the premiums on the bond. The bond (a) must be in the amount approved by the council, (b) may be either an individual or blanket surety bond, (c) must be approved as to form by the City Attorney and (d) must be filed with the City Administrator. State laws governing official bonds must also be satisfied.