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The Mayor, the Auditor, each Councilmember and each School Director shall, before entering upon the duties of their respective offices, be covered by an official bond with a surety company as sole surety.

The Council shall, by ordinance, fix the form, conditions, terms and amounts of the official bond or bonds of all officers and employees of the City who are required by this Charter or by ordinance to be covered by such bond or bonds.

A blanket or master official bond, or other form of blanket or master bond may be used which shall provide coverage on more than one officer or employee.

All bonds shall be approved by the City Attorney as to form and shall be filed with the City Clerk.

The premium on any official bond or bonds providing coverage for any officer or officers or employee or employees and executed by a corporate surety shall be paid by the City.