(A) A blanket bond indemnifying the city against the acts of two or more officers or employees shall excuse such officers or employees from executing a separate official bond to the city to the extent such blanket bond is in the penal sum for which such officer or employee is required to be bonded.
(B) If such blanket bond is in less than the penal sum for which such officer or employee is required to be bonded, then such officer or employee shall execute a separate bond to the city for the difference between the amount of the blanket bond and such penal sum.
('81 Code, § 2.28.040)