Section 5.5.  Surety bonds.
   Except as otherwise provided in this Charter, all officers of the city whose duties involve the custody of public property or the handling of public funds, either by way of receipt or disbursement or both, and all other officers and employees so required by the council shall, before they enter upon the duties of their respective offices, file with the city an official bond, in such form and amount as the council shall direct and approve.
   The official bond of every officer or employee whose duty it may be to receive or pay out money, shall be conditioned that he will on demand, pay over or account for to the city, or any proper officer or agent thereof, all moneys received by him as such officer or employee.  The requirements of this paragraph may be met by the purchase of one or more appropriate blanket surety bonds covering all, or a group of, city employees and officers.
   All official bonds shall be corporate surety bonds and the premiums thereon shall be paid by the city.  The clerk shall be custodian of all the bonds of all officers or employees except that the treasurer shall be custodian of any bonds pertaining solely to the clerk.