All officers and employees of the city whose duties require that they handle or be concerned with the management of its money or other property, shall furnish to the clerk of council, before entering upon their duties, a corporate surety bond, issued by a company authorized to do business in Ohio, to protect the city against loss due to their acts or omissions. The amount of such bond shall, in each case, be fixed by the council. The premium on such bonds shall be paid from the funds of the city.