The Town Administrator/Clerk shall, before assuming his or her duties as such, enter into bond with good sureties in the amount of $50,000, payable to the town and conditioned upon the faithful performance of his or her duties and a true accounting for all funds of the town which may come into his or her hands, custody or control, which bond shall be approved by the Board of Commissioners and deposited with the town.
(1992 Code, § 30.18)