The City Administrator, and such other officers or employees of the City as may be provided for by ordinance, shall each before entering upon the duties of his respective office or employment, give a corporate surety bond to the City in such form and in such amount as may be fixed by the Council as security for the faithful performance of his official duties and the safekeeping of the public funds. Such bonds may be either individual or blanket bonds in the discretion of the Council. They shall be approved by the City Council, and approved as to form by the City Attorney, and filed with the City Administrator. The provisions of the laws of the State relating to official bonds not inconsistent with this Chapter shall be complied with. The premiums on such bonds shall be paid by the City.