Except as otherwise provided in this Charter, all officers of theCity whose duties involve the custody of or accountability for public property or public funds, either by way of receipt or disbursement, or both, and all other officers and employees so required by the Council shall file with the City an official bond, in such form as the Council shall direct and approve, before they enter upon the duties of their respective offices. Such official bond of every officer and employee shall be conditioned that he will faithfully perform the duties of his office, and will on demand deliver over to his successor in office, or other proper officer or an agent of the city, all books, papers, moneys, effects, and property belonging thereto, or appertaining to his office, which may be in his custody as an officer or employee; and such bonds may be further conditioned as the Council shall prescribe. The official bond of every officer or employee of the City whose duty it may be to receive or pay out money, besides being conditioned as above required, shall be further conditioned that he will, on demand, pay over or account to the City, or any proper officer or agent thereof, for all money received by him as such officer or employee. The requirements of this paragraph may be met by the purchase of one or more appropriate blanket surety bonds covering all, or a group of, city employees and officers.
All official bonds shall be corporate surety bonds and the premiums thereon shall be paid by the City. The bonds required by this Section shall not be renewed upon the expiration of the terms for which issued, but, in each case, a new bond shall be furnished. No official bond shall be issued for a term exceeding one year. All bonds of all officers or employees shall be filed with the Clerk, except that the bond of the Clerk shall be filed with such officer as the Council may direct.