All officials, officers, and employees of the Municipality whose duties require that they handle or be concerned with the management of the money or other property of the Municipality, and any other employee or appointee required by Council to furnish a bond, shall furnish to the Clerk of Council before entering upon his duties, a corporate surety bond issued by a company authorized to do business in Ohio, to protect the Municipality against loss due to their acts or omissions. The amount of such bond shall, in each case, be fixed by Council. The premium on such bond shall be paid from the funds of the Municipality.