(A) The City Controller and all appointed board members, commission members or other officers responsible for approving vouchers or payments from City funds shall file an official bond for the faithful performance of their duties.
(B) The bonds, if sufficient, shall be approved by the Mayor or, in the case of the Board of Public Works and Safety, by the Common Council.
(C) The bonds shall be filed in the office of the Marion County Recorder.
(D) All official bonds shall be payable to the State of Indiana and in an amount determined by the Common Council pursuant to I.C. 5-4-1-18.
(E) All the performance bonds must be procured from a surety company authorized by law to transact business in the State of Indiana and competent to execute and furnish a bond of the character required.