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(A) The Mayor, Town Administrator, Director of Administrative Services, and Finance Division Chief shall be required to secure a bond with good sureties, in the amount of $10,000, payable to the town, conditioned on the faithful performance of their duties and a true accounting for all funds of the town which may come into their hands, custody, or control, which bond shall be approved as to form by the Town Attorney and as to substance by the Council, and deposited with the Director of Administrative Services. All other town employees shall be covered by a public blanket bond in the amount of at least $2,500 per loss, also deposited with the Director of Administrative Services.
(B) Premiums on bonds required by this section shall be paid by the municipality.
(C) Bonds required by this section shall be subject to annual audit by a competent auditor designated by the Council.
('81 Code, § 31.08)