Notwithstanding the provisions of any other ordinance requiring an official bond to be conditioned substantially to the effect that an officer, clerk or employee of the Municipality will faithfully perform his or her duties, it shall be permissible in lieu thereof, with the consent and approval of Council or the officer or other governing body authorized to require such bond, to procure a blanket bond or bonds from any duly authorized corporate surety, covering officers, clerks and employees of the Municipality. Such bond or bonds shall indemnify against losses:
(a) Through the failure of the officers, clerks and employees covered thereunder to faithfully perform their duties or to properly account for all moneys or property received by virtue of their positions or employment; or
(b) Through fraudulent or dishonest acts committed by the officers, clerks and employees covered thereunder.
The authority hereinbefore conferred shall not extend to the office of Director of Finance or to the office or position of any officer, clerk or employee required by controlling State law or City Charter provisions to execute or file an individual official bond to qualify for office or employment.
Any such blanket bond shall be approved as to form by the Director of Law and as to sufficiency by the officer or governing body authorized to require it. The premium of any such blanket bond shall be paid as required by Ohio R.C. 3929.17.