Surety bonds shall be provided in accordance with the following.
(A) Required. The Council shall provide by resolution for a surety bond running to the city and covering the Mayor, Clerk, Treasurer and such other officers and employees as may be necessary and advisable.
(B) Surety. Any association or corporation which does the business of insuring the fidelity of others and which has the authority by law to do business in the state, shall be accepted as surety upon any bonds required.
(C) Bonds approved. Bonds shall be approved by the Council.
(D) Bonds filed. All bonds, after approval and proper record, shall be filed with the Clerk.
(E) Record. The Clerk shall keep a book, to be known as the “Record of Official Bonds”, in which shall be recorded the official bonds of all city officers, elective or appointive.
(2011 Code, § 1.0202)