(A) Every officer, employee or agent of the town who handles or has custody of more than $100 of the town’s funds at any time shall, before assuming his or her duties, be required to enter into bond with good sureties, in an amount sufficient to protect the town, payable to the town and conditioned upon the faithful performance of his or her duties and a true accounting for all funds of the town which may come into his or her hands, custody or control, which bond shall be approved by the Mayor and Board of Commissioners and deposited with the town, except that the bond of any employee may, in the discretion of the Board, be conditioned only upon a true accounting for funds of the town.
(B) The bond of the Treasurer shall be in an amount not less than $25,000; the bond of the Tax Collector shall be in an amount not less than $25,000; and all other persons required to be bonded under the provisions of division (A) of this section shall be bonded under a system of blanket faithful performance or honesty bonding in the amount of not less than $10,000.
(C) All bonds required by this section shall be approved as to form by the Town Attorney, and the sureties thereon shall be bonding or casualty companies licensed to do business in the state.
(Prior Code, § 2-31)