(A) Approval of bonds. The bonds of the Council members shall be approved by the Mayor and the bond of the Mayor shall be approved by the Town Council at the first meeting of the Town Council in January following a town election.
(B) Premium paid by town. The premium charged by a corporate surety for any bond required by the town shall be paid by the town.
(C) Additional bonds; filing. The Town Council may at any time require further and additional bonds of any or all officers elected or appointed. All bonds given by the officers, except as otherwise provided by law, shall be filed with the Town Clerk; except that, the bond of the Town Clerk shall be filed with the Town Treasurer.
(D) Bond amounts. Before taking the oath of office and entering upon the duties of their respective office, the following named town officials shall each give a bond with good and sufficient securities, payable to the town, conditioned for the faithful performance of the duties of their office and the payment of all moneys received by such officers according to law and the ordinances of the town, in the following amounts:
(1) Mayor: $288,000;
(2) Council member: $10,000;
(3) Town Treasurer: $288,000; and
(4) Town Clerk: $10,000.
(E) Treasurer’s bond. The Town Treasurer and Mayor’s bond shall be superseded by any rule, regulation or directive of the state’s Money Management Council when such rule, regulation or directive is binding on the town.
(F) Blanket bond. The bond required in this section may be a blanket bond.
(Prior Code, § 1-6-3)