The bond shall be conditioned upon the faithful performance of the duties of their office and the payment of all money received by the officer, according to law and the ordinances of the city. The bond may provide that the obligation of the sureties shall not extend to any loss sustained by the insolvency, failure, or closing of any bank or savings and loan association organized and operating either under the laws of the state or the United States in which the officer has placed funds in the officer’s custody, if the bank or savings and loan association has been approved by the corporate authorities as depository for those funds.
(Ord. 97-02, passed 5-27-97)