Each Municipal Judge, in addition to any security required by law to be given for the performance of his official duties, shall, before entering upon the duties of office, give a bond to the City in a penalty of five thousand dollars ($5,000), with sufficient sureties to be approved by the Council, conditioned for the faithful performance of the duties of Municipal Judge within and for the City, and for payment to the City of all moneys collected or received by such Judge which, by the provisions of the general laws of the State or of this Charter, he shall be required to pay into the treasury of said City.