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(a) (1) The following city officers shall each, before entering upon the duties of his or her office, give a good and sufficient corporate surety bond to the city.
(2) The bond shall be in the following amount, to wit:
(A) City Treasurer: $10,000;
(B) City Clerk: $10,000;
(C) Clerk of Municipal Court: $1,000; and
(D) Judge of Municipal Court: $1,000.
(b) The governing body may provide for the coverage by blanket bond of such officers and employees and in such amounts as the governing body may, by resolution, designate.
Each of the bonds required in § 1-503 shall be conditioned for the faithful performance of duty and all acts required by the laws of the state and of the city, and for the application and payment over to the proper persons of all monies or property coming into the hands of each such officer by virtue of his or her office.