The Council, on its own action or upon recommendation of the City Manager, shall determine whether an officer or employee must give a bond to the City and, if so, the amount of the bond. The bond must be secured from a surety company licensed to do business under the laws of Michigan. The City shall pay the premiums on such bonds. It is the duty of the Council to procure such bonds. All bonds of all officers and employees shall be filed with the Clerk - Treasurer except that the bond of the Clerk - Treasurer shall be filed with the City Manager.