The commissioners of the Sinking Fund may employ a secretary at a compensation to be fixed by Council. Such secretary shall act as secretary of the commissioners of the Sinking Fund, and shall perform such duties as may be required of him by the commissioners of the Sinking Fund in connection with the performance of their duties as required by law and the ordinances of the City. Such secretary shall give a bond in the sum of twenty-five thousand dollars ($25,000), signed by a surety company authorized to execute such bonds in the State, and conditioned that such secretary shall well and faithfully discharge the duties imposed upon him and that he will account for and pay over all moneys and property which may come into his possession as such secretary. The cost of such bond may be paid by the commissioners of the Sinking Fund out of the funds under their control.
(1952 Code § 3-32-3)