(A) The Mayor shall determine the bond amount for the members of the Municipal Utility Commission. Said bonds and sureties shall be approved by the City Council, and the premium of the surety company in each case shall be paid as part of the cost of operating said municipal utilities and charged to the Operation and Maintenance Fund of each of the utilities provided in the ordinance authorizing the issuance of revenue bonds
(B) Each member of the Commission shall promptly assume office by furnishing said bond and taking an oath similar to the oath prescribed by § 228 of the state’s Constitution.
(C) Before the expiration of the bonds of the members of the Commission or of any employee or employees, the person covered by such bond shall close his or her accounts and make a full accounting to the Commission of all funds handled by him or her.
(D) Any person, firm, or corporation (including the city) injured by any misconduct, mismanagement, or misappropriation of funds by the Commission or by any member thereof, or by any employee thereof, shall be entitled to maintain an action on the bond of the person or persons responsible for such injury.
(1995 Code, § 35.050) (Ord. passed 6-5-1958)