(A) The following officers shall each give bond for their respective offices, with good and sufficient personal sureties, or a surety bond to be approved by the Mayor and City Council, in sums as follows or the statutory requirement if higher:
(1) City Treasurer and City Clerk: $75,000. The Mayor and City Council, by resolution if they deem it advisable, may require the Treasurer to give additional bond equal to or double the amount of money passing through his or her hands;
(2) Superintendent of Utilities: $5,000; and
(3) Chief of Police, night watch and other regular police officers: $1,000. The Mayor and City Council may require a bond from any other officer conditioned in such sum as they may, by resolution, designate.
(2005 Code, § 1-401)
(B) Official bonds of the municipality shall be in form, joint and several, and shall be made payable to the municipality in such penalty as the governing body may set by resolution which sums shall be on file at the office of the Municipal Clerk; provided, the penalty amount on any bond shall not fall below the legal minimum, when one has been set by the state, for each particular official. All official bonds of the municipal officials shall be executed by the principal named in such bonds and by at least two sufficient sureties who shall be freeholders of the county, or by the official as principal and by a guaranty, surety, fidelity or bonding company; provided, no municipal official, while still in his or her official term of office, shall be accepted as surety on any other official’s bond, contractor’s bond, license bond or appeal bond under any circumstances. Only companies that are legally authorized to transact business in the state shall be eligible for suretyship on the bond of an official of the municipality. All said bonds shall obligate the principal, and sureties for the faithful discharge of all duties required by law of such principal, and shall inure to the benefit of the municipality and any persons who may be injured by a breach of the conditions of such bonds. No bond shall be deemed to be given or complete until the approval of the governing board, and all sureties are endorsed in writing on the said instrument by the Mayor and Municipal Clerk pursuant to the said approval of the governing body. The premium on any official bond required to be given may be paid out of the General Fund, or other proper Municipal fund, upon a resolution to that effect by the governing body at the beginning of any municipal year. All official bonds, meeting the conditions herein, shall be filed with the Municipal Clerk for his or her official records and it shall be the duty of the Municipal Clerk to furnish a certified copy of any bond so filed upon the payment of a fee which shall be set by resolution of the governing body. In the event that the sureties on the official bond of any officer of the municipality, in the opinion of the governing body, become insufficient, the governing body may, by resolution, fix a reasonable time within which the said officer may give a new bond or additional sureties as directed. In the event that the officer should fail, refuse or neglect to give a new bond, or additional sureties to the satisfaction and approval of the governing body, then the office shall, by such failure, refusal or neglect become vacant, and it shall be the duty of the governing body to appoint a competent and qualified person to fill the office. Any official who is re-elected to office shall be required to file a new bond after each election.
(2005 Code, § 1-402)