When the population of the city exceeds 5,000, such directors shall require the Treasurer of such Board, or such other person as may be designated as the custodian of the moneys paid over to such Board to give a bond to be approved by such Board and in such amount, not less than $1,000, nor more than $10,000, as may be fixed by such Board, conditioned that he or she will safely keep and will pay over upon the order of such Board all funds received and held by him or her for such Board of Directors.
(2000 Code, § 32.047)