For the security of the fund so deposited, the Municipal Treasurer shall require each depository bank to give bond for the safekeeping and payment of such deposits and the accretions thereof, which bond shall run to the city and be approved by the Mayor. Such bond shall be conditioned that such a depository shall, at the end of every quarter, render to the Treasurer a statement in duplicate, showing the several daily balances, the amount of money of the city held by it during the quarter, the amount of the accretion thereto and how credited. The bond shall also be conditioned that the depository shall generally do and perform whatever may be required by the provisions herein and faithfully discharge the trust reposed in such depository. Such bond shall be as nearly as practicable in the form provided by the laws of the state; provided, no person in any way connected with any depository bank, as officer or stockholder, shall be accepted as a surety on any bond given by the bank of which he or she is an officer or stockholder. Such bond shall be deposited with the Municipal Clerk.
(2005 Code, § 1-917)