(A) All official bonds given by the officers of the city shall have two or more sureties, shall be for such sum as has been, in each case, ordered by the Mayor and Council and shall be conditioned on the faithful performance of the duties of the officer giving the bond and the payment of all public moneys received by him or her, according to law, and on compliance with all ordinances, resolutions and orders of Council. No officer shall be accepted as a surety on any bond. Each bond shall be in a form and with the such sureties as have been approved by the Mayor and Council.
(B) Before entering upon the duties of an office, all officers of the city shall post a bond as required in division (A) above. If any officer does not take the oath required and does not present the bond to the City Clerk within ten days after notification by the City Clerk of his or her election or appointment and of the necessity of taking the oath and giving the bond, his or her office may be declared vacant. The bond, however, if not approved by the Mayor and Council, shall, when presented to the City Clerk, be received by the City Clerk subject to the approval thereof by the Mayor and Council. If the Mayor and Council, at their next regular meeting, do not approve the bond, the City Clerk shall immediately notify the officer filing the bond of the disapproval thereof and of the changes required therein. If a new bond is not filed within ten days after the notification, complying with those requirements, the office of the principal on the bond may be declared vacant by the Mayor and Council.
(C) No bond shall be required of Council members. The bond of the City Clerk shall be filed with the City Treasurer. The bonds of all other officers shall be filed with the City Clerk. Those bonds may provide that the obligation of the sureties shall not extend to any loss sustained by the insolvency, failure or closing of any bank organized and operating either under the laws of the State or of the United States wherein the officer has placed funds in his or her custody, if the bank has been approved by the corporate authorities as a depository for those funds.
(2000 Code, § 2.22.050)