(A) The City Clerk/Treasurer shall give bond in the penal sum of 20% of city moneys received by the Clerk/Treasurer during the preceding fiscal year or in the other or different amount as may be required by state law.
(B) The Chief of Police shall give bond in the sum of $1,000.
(C) Each of the official bonds shall bear good and sufficient sureties to be approved by the City Commission, and shall all be conditioned upon the faithful discharge of the official duties of each of the principals therein named or as otherwise required by law.
(1981 Code, § 2-5)
Statutory reference:
Authority for above section, see NMSA § 3-10-2B
Form of Treasurer’s bond, see NMSA § 6-10-39
Requirement that Municipal Treasurers give bond in a sum equal to 20% of public moneys received during preceding fiscal year up to a maximum bond of $50,000, see NMSA § 6-10-38