The Council may require any officer or employee of the Municipality to give bond to the Municipality for the faithful performance of his duties in such amount as the Council may determine and with such surety or sureties as it may approve. The Council may, from time to time, require additional bond or surety of any officer or employee, and may provide that the premium for any such bond be paid by the Municipality. The following officers and employees shall be required to furnish bond, namely: Mayor, Municipal Administrator, Clerk of Council, and Director of Finance.