Each trustee of the Sinking Fund shall be required to give a bond in the sum of fifty thousand dollars ($50,000), with some surety company authorized to sign such bond as surety, conditioned that such trustee will well and faithfully discharge and perform the duties incumbent upon him by the laws of the State of Ohio and the ordinances of the City of Toledo now in force or which may hereafter be passed, as such trustee of the Sinking Fund, and that he will safely keep and legally pay over to the proper person or authority all moneys which may come into his hands or under his control as such trustee of the Sinking Fund.
(1952 Code § 3-32-6)