(A) The following city officials are authorized and directed to file official bonds, payable to the city, and conditioned upon the faithful performance of the duties of the respective office, and the payment of all moneys received by the officer according to law and the ordinances of the city, which bonds shall be in the penal sum as follows:
(1) Mayor - $3,000
(2) City Clerk - $3,000
(3) City Collector - $150,000
(4) City Treasurer - An amount of money that is not less than 3 times the latest federal census population or any subsequent census figure used for motor fuel tax purposes.
(B) All other municipal officers shall post a bond in an amount determined by the city council.
('69 Code, § 2-3)