The Utility Board shall have power to fix and maintain a separate budget, and employ, fix the compensation of and discharge all other employees of the System. The Chairman and Treasurer of the Utility Board, upon their appointment and taking office, shall furnish and file with the City Clerk, a bond in an amount to be set by the Utility Board from time to time, the cost of such bond to be payable from revenues of the System and such bond to be payable to the City and conditioned as to the faithful performance of their respective duties as are fixed by the Utility Board. (Ord. 11-10. Passed 11-10-10.)