The mayor and council shall by proper ordinance provide for the bonding of all officials and employees of the city whose duties require or result in the handling of monies, funds or securities. Every such bond shall be executed to the city by a qualified surety company, as surety, to be approved by the mayor and council. All premiums for such bonds shall be paid by the city.
Cross References: Duty of city attorney to approve form of bonds, ch. X, § 4.