Before entering upon his or her duties, the Treasurer shall give bond in such amount and with sureties as may be required by the Council, conditioned upon the faithful performance of the duties of his or her office, and to indemnify the city for any loss due to any neglect of his or her duty or wrongful act on the part of the Treasurer. Such bond shall be not less than three times the latest federal census population or any subsequent census figure used for motor fuel tax purposes. This bond shall be filed with the City Clerk. He or she shall take oath of office as provided by statute and shall receive such compensation as may be from time to time set by the Council.
(‘82 Code, § 2.16.020)