All bonds required by this article shall be payable to the city. The condition shall be that the principal or principals, will well, truly and faithfully perform all official duties then required, or which may thereafter be imposed on him or them by any law of the state, or the Charter, ordinances, resolutions and regulations of the city. The bonds, except for the positions covered by the blanket position bond, shall be signed by the officers and employees listed in section 2-88, as principal and by a surety company qualified under the laws of the state. All such bonds, including the blanket position bond, shall be approved by the mayor and council, after approval as to form by the city attorney.
(1953 Code, ch. 2, ยง 59)