(a) The council may require any officer or employee to give a bond, to be approved by the city attorney, in such sum as the council determines. The bond shall be conditioned upon the faithful and proper performance of the duties of the office or employment concerned. All officers and employees who receive, distribute, or are responsible for city funds or investments shall be bonded. The resignation, removal, or discharge of any officer or employee, or the appointment of another person to the office or employment, shall not exonerate the officer or employee or his sureties from any liability incurred by them.
(b) All official bonds shall be corporate surety bonds and the premiums thereof shall be paid by the city. No official bonds shall be issued for a term exceeding three years, except bonds which are required of officers serving terms of office which are longer than three years. No bond shall be renewed upon its expiration but a new bond shall be furnished in each case.
(c) The bonds of all officers and employees shall be filed with the clerk, except that the clerk's bond, unless he is covered within the scope of a blanket surety bond, shall be filed with the treasurer.
(d) The requirements of this section may be met by the purchase by the city of one or more blanket corporate surety bonds covering all or any group or groups of the officers and employees of the city. Any officer or employee who is covered by a blanket surety bond need not be bonded individually for the purpose of qualifying for office.