(A) Official bonds shall, if required, meet the standards of KRS 62.060.
(B) All officers of the city who handle public funds in the execution of their duties shall give a good and sufficient bond to the city for the faithful and honest performance of their duties, and as security for all money coming into the officer’s hands or under the officer’s control. The amount of the bond shall be established based on the amount of public funds the officer handles at any point in time during the fiscal year and may be satisfied by a blanket or umbrella bond covering all or a group of city officers and employees. The cost of the bond shall be paid by the city.
(KRS 65.067) (`91 Code, § 31.01)