(A) Except as otherwise provided by law or expressly indicated otherwise by ordinance of the unit, the Clerk-Treasurer shall, in the manner prescribed by I.C. 5-4-1, cause the purchase of a bond in the sum of $30,000 payable to the town, to be approved by the Town Council President, conditioned upon the faithful performance of all municipal officers, employees, commission members and persons acting on behalf of the local government including the municipal utilities. The premium upon said bond shall be paid from funds of the municipality.
(B) Said bond may be executed with any recognized and responsible surety company authorized to do business in the state. The bond shall be filed and recorded in the office of the Recorder of Vigo County, pursuant to I.C. 5-4-1-5.1.