Any City officer may be required to give a bond to be approved by the City Council for the faithful performance of the duties of his office in such sum as the City Council shall determine, but all officers receiving or disbursing City funds shall be bonded. All official bonds shall be corporate surety bonds and the premiums thereon shall be paid by the City. All official bonds shall be filed with the City Clerk-Treasurer, except that of the City Clerk-Treasurer, which shall be filed with the Chief Accounting Officer or other officer designated by the City Council.