(A) Every official, employee or agent of the town who, in performance of his or her duties, will handle or have custody of more than $100 of the town’s funds at any time shall, before assuming his or her duties as such, be required to enter into bond, with good sureties, in an amount sufficient to protect the town, payable to the town and conditioned upon the faithful performance of his or her duties and a true accounting of all funds of the town which may come into his or her hands, custody or control.
(B) The bond shall be approved by the Mayor and the Board of Commissioners; however, the bond, in the discretion of the Mayor and the Board of Commissioners, may be conditioned only upon a true accounting for the funds of the town.
(Prior Code, § 31.03)