It shall be the duty of the mayor and the city council to designate some person or persons to make regular collections of the money deposited in the parking meters, and delivering the money to the city recorder, and it shall also be the duty of the city recorder to count the money and place it in a special fund to be known as the "parking meter fund", which fund shall be used exclusively for the purposes specified in section 10.20.080 of this chapter. Such person or persons making such collections shall be bonded in the sum of two thousand dollars ($2,000.00), to ensure the faithful performance of his or their duties. (Prior code § 8-4-15)