A. Oath And Bond:
1. Each officer of the town must take the oath of office.
2. Any officer that is required to give bond shall file the same, duly approved, within ten (10) days after receiving notice of his election or appointment, or if no notice be received, then on or before the date fixed for the assumption by him of the duties of the office to which he may have been elected or appointed. (1976 Code § 2.04.110)
B. Bonding Of Officers And Employees: Elected or appointed town officers and employees shall be bonded in such sums as ordinance or state law may require. The amount for which a town officer or employee shall be bonded shall be based on the amount of money or property handled and the opportunity to defalcation. The town council shall actively solicit offers on a competitive basis from available qualified insurance or surety companies before purchasing the bonds. (1976 Code § 2.04.120)
C. Purchase Of Bonds: The council shall purchase all surety bonds for town officers and employees. A bond may cover an individual officer or employee or a blanket bond may cover all officers and employees, or any group or combination of officers and employees. (1976 Code § 2.04.130)
D. Bond Conditions:
1. The condition of every official bond must be that the principal shall well, truly and faithfully perform all official duties then required of him by law, and also such additional duties as may be imposed on him by any laws of the state or the town subsequently enacted, and that he will account for and pay over and deliver to the person or officer entitled to receive the same all monies or other property that may come into his hands as such officer. The principal and sureties upon any official bond are also in all cases liable for the neglect, default, or misconduct in office of any deputy, clerk, or employee, appointed or employed by such principal.
2. All official bonds must be signed and executed by the principal and two (2) or more sureties, or by the principal and one or more surety companies organized as such under the laws of the state, or licensed to do business herein. (1976 Code § 2.04.140)