Before entering upon the duties of his office the City Manager shall be bonded with corporate surety bonds written by a surety company authorized to operate in the State in the penal sum of ten thousand dollars ($10,000), with the condition that he shall faithfully discharge the duties of his office and faithfully account for and pay over, as required by law, all moneys which may come into his hand by virtue of his office. Such bond shall be filed in the office of the City Clerk and shall be carefully preserved by him.
(1961 Code Sec. 121.03)